RE: Partially off topic (industry groups)
Bosco,
this weekend I ran some chartscanning programs on industry-group indices and also applied my Candlestick Forecaster on the time-series:
On all tech-related industry groups, imagine it - SOFTWARE - came out best. This is still in an upturn, so it does not need to bottom out longer.
SOFTWARE: LongTerm (weekly) trend is UP resumed, shortTerm trend bottomed out last week and is now again UP. Also a major reversal signal followed by a bullish "thrusting pattern" was identified. This means: weigh software companies more in Your portfolio (I will try to find some good plays like Adobe). Strong BUY on this sector.
Group Semiconductors: LongTerm Trend still UP, short Term: uncertainty, needs approx. 1-2 weeks to identify trend. Special Situation: CYRX. Here the stock is Overbought if you got it, sell it above $20 1/2 on Monday. Resistance it at $22, solid support at 18 1/2. According to my analysis You would be able to buy it back below $19 next week. Bollinger Band 18-22 could be used for short term trades.
Group Networking Stocks: Long Term Trend is DOWN but bottoming out. Bottom completed by mid JULY ! Short Term Trend is now UP (for approx. 5-10 trading days). Could be a good selling opportunity for worst performers.
Group Computer Hardware: Long Term Trend is UP, mid Term is DOWN bottoming out second week of JULY. Short term Trend is DOWN for the next 10 trading days. Could be a good pick-up point then.
Result of my TA: Best time to pick up new players: JULY. Short term hold in Networking stocks, wait on Hardware till July, STRONG BUY now on software group (could be beneficial to find companies that are to report earnings soon)
Greetings,
CROSSY
BTW: XIRC could find a bottom sometime soon, I identified support at $7. ASYT has best chart but is also too early to consider. Don't look into PAIR yet. Got a weak chart and a bearish divergence. Also volume increases on downticks which is a further bearish indication. This means 3times hold on these companies. I also found out that IDTI could be interesting soon: X86 product (Pentium level clone) is to be announced. Legal action from Intel is expected. Stock would drop then and could produce a very good bottom-fishing scenario. |
