Sunday, October 30, 2005

Watch list for week of 10-31-05

I ran my market homework software this weekend and prepared a watch list for next week composed of the highlights from the scan. I was pleased with the quality of the chart setups on the first three charts in particular that I've listed here:



One of the stocks on my watch list from last week PYX had quite a nice rally. This is the kind of action I need to see before I start buying stocks. Gorden Gekko at The Knight Trader had coverage of the PYX breakout last week. I'll be watching his commentary more closely in the coming weeks to help determine the demand for speculative stocks, which I think may be starting to improve. That said, I may try to do some buying in stocks from the top of this week's list.

Another arrow in the bull's quiver is the XLF. It appears to be breaking out to new highs on the weekly chart.

I'm not going to run out and cover all my shorts yet though, the new 52-week highs:new 52-week lows ratio is still horrible (31:94 on the naz) and the market is still in a technical down-trend on the nasdaq composite daily chart. This overrides any anecdotal bullishness on individual stock and sector charts.

4 Comments:

At 12:56 PM, Blogger Gordengekko said...

Jon-

Have a look at BEAS as it has an interesting chart. XWG is also acting well today.

 
At 1:00 PM, Blogger Gordengekko said...

This comment has been removed by a blog administrator.

 
At 1:15 PM, Blogger Gordengekko said...

Jon-

Have a look at a chart on TRE. I have it up on Visual Trader.

Budd Foxx

 
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