Top 10 Picks to Click
Wednesday, Jul. 5, 2000 05:51 PDT
By Harry Boxer, America-iNvest.com
The indices had a good technical day on Monday on typically light holiday volume in an abbreviated session. Most of the major indices advanced about 1% for the day.
We view the action as a prelude of things to come this week and only await a breakout on substantially better volume to signal that the cycle low has been put in and that we are now in an up-cycle mode that may last a few weeks.
See below for Harry Boxer’s most recent Picks to Click!
We had been indicating for weeks that the first week of July time period marked a strong potential cycle low point, and it appears that we may have been right on time for the next up cycle to begin.
Indices are technically poised for a breakout just below resistance, and just one more solid up day with good stats should start the new up leg.
We feel that the coming week may see a test of the late June highs near 4,000 on the Nasdaq 1000 and 1,490 on the S&P 500. A break above those levels would obviously be an important bullish indication of possible higher prices and validate the new cycle.
A closer review of Monday’s technicals reveals a strong positive plurality of advance/decline stats with a more than 3 to 1 advantage in up volume over down and 5 to 2 advancing issues vs. decliners on the NYSE. The Nasdaq was also positive but much more subdued.
The NYSE advance /decline line, which had been declining since early last year, has quietly been basing and refusing to make new lows since the early April spike lows. We view this as an additional bullish factor in the current positive equation.
Also, the NYSE TRIN index is now reading 1.17, or oversold, and adds additional potential positive fuel to the fire.
All the above indicate that a potentially strong cycle may be beginning, and we would like to see our readers take full advantage of it.
Many of our previous Picks to Click -- see links to recent lists below -- have performed remarkably well, especially since late May, with several of them up more than 100%! We strongly urge that they be considered for even further up-side potential!
This week, we are adding several new picks to our list as very strong potential new trades!
Harry Boxer is president of Century-Pacific Investments, a money management firm in Los Angeles.
Harry Boxer's top 10 Picks to Click for the week of July 3.
CO. NAME
SYMBOL
PRICE
SUPPORT
RESIST.
TARGET
ADAPTIVE BROADBAND
(ADAP)
41 1/8
37 & 32
54
54
CHORDIANT SOFTWARE
(CHRD)
17 5/8
15-15½
23-25
24
GENOME THERAPEUTICS
(GENE)
30½
29 & 25
39
39
DIGITAL ISLAND
(ISLD)
56½
49 & 45
62-65
70
METROCALL
(MCLL)
8½
8
10 & 13
13
RAMTRON INTL.
(RMTR)
19½
17
21 & 25
28-30
3COM
(COMS)
55 15/16
52 & 46
58
70-73
SAGENT TECH.
(SGNT)
13 13/16
10½-11
19
19
TELCOM SEMICONDUCTOR
(TLCM)
41 1/4
38½ & 35
47
53-55
VARIAN INC.
(VARI)
46 1/16
41
50
58-60
Meaning of terms in box, above:
Price -- The price of the security before the market opens that day.
Support -- The price at which technical analyst Harry Boxer notices a security tends to stop falling because there's more demand than supply.
Resistance -- The price ceiling at which Harry notes persistent selling
of the stock.
Target -- The price that Harry expects the stock to rise to. His targets are short term (two to four weeks).
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If anyone knows why this stock has collapsed during the
past two days, for God's sake, PLEASE POST!!! |
