of the way, and the “European Summit” looms at the end of the month.
Futures are off a bit, and we can look to yesterday’s low as the first support area to see if this high level floor will hold, or if we will see a bit further downside action! 1346 is yesterday’s low to trade against, and under that is 1339 – the 25% Fib Retracement!
The is definitely a difference between the “haves” and “have nots” in this market. Some stocks are only good for trades, but some could be potential holds. Stocks that held their 100-day as markets briefly broke the 200-day have been some of the best performing names and may be investment quality.
Stocks continue to act very well technically, and the rotation we are seeing should support higher prices after we digest the move we’ve seen this past month. In my Off The Charts series, which I’ve attached below, I go over retracement rules that can give you some levels to watch for a buyable dip. Depending on how the market holds yesterday’s prices, it should give us clues to the complexion and speed of the market moving forward.
Below is a list of names we like to trade for cash flow and that I have talked about as potential macro holds or investments, if that’s what you do. This list tends to change every six months or so as some stocks weaken or gain strength technically. For example, when (NYSE:CAT), (NASDAQ:GOOG) and (NYSE:LVS) broke trends and their 200-day moving averages, I took them off this list.
AAPL, AMZN, EBAY, PCLN, EXPE, INTC, MSFT, ORCL, LNKD, IBM, FB. SBUX, DNKN. MA, V. TGT, WMT. XOM, CVX. CF, MON. BIIB, AMGN.
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