27-Apr-08
Thoughts for next week 4/28
I wouldn’t expect much to happen before the fed meets this week, and as predicting the market reaction post fed-move may be more difficult than ever, it would be hard to place bets one way or another during the beginning of this week. A couple of things of note during chart work this evening. First both the IWM and QQQQ are improved technically. We broke this years downtrend line in the IWM on Friday, putting in a higher-high from the March lows, but have yet to top the high set in Feb. The Q’s topped out at their overhead resistance downtrend line and while acting well, could stand to break that downtrend line (from Nov. high).
I will be looking for some rotation out of “stuff” and into the fins, retail and tech- specifically the semi’s. The majority of charts that are beginning to show signs of turning up are from these sectors, and my plan will be to look to play these names rather than press the oil and gas names. However, i will not ignore the O and G plays should those names continue to work. One name I like there, which is working on a consolidation is *NBR.
Fins: C, GS, MS, (higher volume accumulation days, lower volume dist. days), IYG (trend-break) SCHW
Tech: A, AKAM, IBM, JNPR, KLAC, MSFT (very well defined risk/reward), NSM, PSEM, QLGC, TER
Retail: BBBY, BIG, COST, DDS, KSS, RTH
International: Both the EEM (trend break) and FXI (pennant)
Comments welcome.
Long: GS, XLF, KLAC, SMH, EEM
Tagged Stocks: C, GS, IBM, MSFT, AKAM, PSEM, TER, BIG, A, BBBY, COST, DDS, EEM, JNPR, KLAC, KSS, MS, NSM, QLGC, SCHW, NBR, FXI, RTH, IYG
Posted at 23:48 in Market Report | Permalink | Comments () | Top
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