Chartcraft Report:
-Chartcraft increased their invested position by adding the following funds to their Fidelity Switch Fund Portfolios:
-Raised to 20% invested from 0% in their Fidelity Equity Switch Fund portfolio by adding Fidelity Business Services.
-Raised Fidelity Fixed Income portfolio to 100% by adding Fidelity Balanced Fund
-Raised Fidelity International Switch Fund portfolio to 40% by adding Fidelity Pacific Basin Fund
-Added Japan WEBS traded on the ASE for the Chartcraft portfolio
-Short term indicators are positive and showing good strength. All 3 High Low indexes turned up from below 30%.
-Only thing lacking is more p&f buy signals for an upturn in the Bullish %'s.
-Technical Indications:
High Pole Top: VISX
Bear Trap : Taiwan Equity Fund, Cash America International
Bullish Shakeout Formation: Dell Computer
Broke Major Downtrend Line: UAL
Buying Climaxes (30): Dycom, Johnson & Johnson, Humana, Boston Beer, Sterling Software, Abbott Labs, Carnival Corp., Unisys, Cocoa Cola, Macromedia, Rite Aid, Dollar General, BET Holdings, Viacom, Affiliated Computer Services, Grand Casino, US West Media, Cambridge Technology, Anacomp
Selling Climaxes (22): Breed Technology, Bandag, Cliffs Drilling, Penzoil, Pride Pete, US Filter, Sun Healthcare, Landry's seafood, Presstek, Indonesia Fund, Raychem
If you own any stocks that had buying climaxes, watch for other signs of a top being made in the stock.
On the selling climax side, notice 3 oil sector stocks. There will probably be many more before the bottom is seen in this group. US Filter coming off a recent acquisition of Culligan and the worst may be over for that stock. For Cabot Market Letter fans, PRST hitting the new low list must be disheartening. Is that stock still in the Cabot portfolio?
Take care,
Bruce |
