Evening all, on the one year aniversary of last years bottom ( believe it or not , many issues actually made the bottom on March 5th & 6th), the NASDAQ and Russell both made new year high daily closes. However, not all is looking good, according to my trading system scan, these stocks generated daily sell signals as of the close on 3-10-2010. AES, ALL, AON, CB, CPB, KMB, NEM, NTRS, TGT, TRV, WDC, WMT, XL. A few really stand out such as Target (TGT) and Walmart (WMT) . However, Western Digital (WDC) looks sickly as it didn't even participate in this rally. This stock looks like it could trade easily back to the 34.00 level. Weekly charts show a Head & Shoulders formation too. Allstate (ALL) is strugling against a 6 month resistance chanel, once we see a braod based correction it is the weakest link in the chain that tends to fall the most, from a relaative strength perspective.
My last post suggested that we could see higher prices in the S&P's around 1158-1162 based on the March futures. I have been long XOM, MUR and on TV this past Monday I talked about long BMY. These trades are working out well and are more of a seasonal play, so I am holding on.
As of todays close we need to roll into the June S&P futures contract , which has a 5 point (+/-) discount to the March contract. The moral of the story is we are close enough to a potential interium top. In fact ,check out this list of stocks that are at their Monthly Predicted Pivot Point resistance target levels. If you are long any of these issues, I might be going out on a limb here, but I strongly suggest taking something off the table and moving stops or looking at covered call strategies. Seasonally speaking we are close to a break in the market.
As we aproach the end of the quarter we should see profit taking, and remember some people will need to raise capital in order to pay the tax man, one of the best ways is to sell some profitable stock positions.
All the best,
John Person
Founder
Nationalfutures.com
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