Chartcraft Report:
Hi again, everyone. Chartcraft has turned quite bearish with regard to portfolio moves. The service has recommended four short sales which are their first such recommendations in quite some time.
-Recommended shorting the following stocks yesterday:
Bank Of NY.....stop at $69 1/2
CNF Transportation.......stop at $50 1/2
Solectron.........stop at $55 1/4
Today, the following stock was recommended as a short sale:
T Rowe Price...stop at $43
-Dow Utility Index gave a p&f sell
--Weekly Data:
NYSE Bullish %: 44.1
OTCBP: 38.3
ASEBP: 41.4
DOWBP: 53.3
Option StocksBP: 39.9
Option Stocks % Above 10 Week MA: 30.7
30 Week MA: 38.9
NYSE % Above 10 Week MA: 29.39
NYSE % Above 30 Week MA: 33.15
NYSE High Low Index:37.1
Bullish Advisors: 52.5 Bears: 26.3
High Pole Tops (bearish): Ameritrade, Carnival Corp, Lucent, Time Warner, American Eagle Outfitters, American Express, Mindspring, Mesabi holdings, Dollar General, NationsBank, Seagram's, Arterial Vascular, Anacomp
High Pole Top at the Bearish resistance line (very bearish..especially if the stock has bearish RS): Citicorp, Whole foods, VISX
Bull Traps (bearish): Spyglass, Americredit, Colgate, Goodyear, Bed Bath & Beyond
RS Buys: Xircom
RS Sells: What would a week be without some RS Sells in the Oil Patch.....Atwood Ocean, Maverick Tube, Transocean Offshore, Noble Drilling, Tuboscope, Global Industries, Precision Drilling.....Wolverine Worldwide, Oakwood Homes, Roper Industries, Technitrol, Dover, Lands End, Deere, Dover, Goodrich, Barr Labs
Please do not ignore RS signals. If a stock you own gives an RS Sell signal, the stock should be given close scrutiny and should be held only if there are other compelling fundamental or technical factors for the good.
I'm with you all in spirit even if not posting as much as usual.
Take care,
Bruce
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