Hi p&f pals. It's time for the Chartcraft Report:
-Last week on the Big board there were 1150 stocks up and 2200 down.......
-Of the IBD Industry groups Chartcraft follows, 5 were up and 125 were down
-Tubos De Acero's hit stop loss and was sold for a loss. TAM was recommended at $19 1/2 and was stopped out at $14......
-73 Buying Climaxes {a big number} 14 Selling Climaxes
A buying climax (BC) occurs when a stock hits a new 52 week high AND finishes with a loss for the week (a sign of a top). A selling climax (SC) occurs when a stock makes a new 52 week low AND finishes with a gain for the week (a sign of a bottom)
Some Notable Stocks with BC's:
American Express, Chrysler, Century Tele., Coca Cola, Medtronic, McDonald's, Robert Half, TJX (One of my portfolio stalwarts that has had it's 2nd BC in two months and today had a High Pole at the Bearish Resistance Line-stopped me out of 1/2 my position), Hasbro, Ames Dept Store
Selling Climaxes:
Hawaiian Air, Quickturn, WD-40, Converse (the sneaker company)
-Crude hit lowest level since 1986
-Technical Formations:
-Bear Trap: Aon Corp
-HPT: American Airlines,
-High Pole at the Bearish Resistance Line: Fruit of the Loom, Equitable Cos., Lehman Brothers, TJX
That's all for now. Have a good evening everyone.
Bruce |
