StochRSI(8,5) looked overbought for quite a few stocks last night, so
I expected a pullback soon -- but maybe not so soon as this afternoon.
DELL is a case in point. Its dramatic drop was fueled by a rumor --
one that may have turned out to be false -- but a shorter-term
pullback could have been foreseen by looking at StochRSI. The rumor
may just have been noise, and the pullback technical -- and
inevitable.
Some longer-term indicators, though, seem to show that the trend up
has just begun in earnest in some cases. Even CCI(13) for some
high-techs had just climbed back over 0 (CSCO and DELL, for example).
CCI was nowhere near overbought levels. In fact, it was just emerging
from oversold levels. And Parabolic SAR was just starting to give lots
of buy signals over the past few days.
I tend to get a feeling for the market while looking at the charts of
individual stocks. I rely on analysts such as Claud for the wider
view. That's one reason I miss him so much here. I didn't have much
to say on the thread, but I was always here lurking, reading his
analysis. All I can contribute is my own myopic view of a few stocks.
I deeply regret Claud's departure, and the slew of obnoxious,
badgering notes that led to it.
Anyway, earnings reports have generally been favorable, and lots of
stocks (especially banking stocks such as JPM and BAC) are breaking
through resistance, so maybe the rally isn't over yet.
Here's a list of some higher-volume stocks that broke through
resistance today:
AZPN , 10.688, TODAY: 10/20/1998, Resistance: 10.500, Resistance since: 10/16/1998, ASPEN TECHNOLOGY INC COM, Computers-Software, COMPSOFT
BAC , 56.062, TODAY: 10/20/1998, Resistance: 56.000, Resistance since: 10/16/1998, BANKAMERICA CORP NEW COM, Banking-Money Center, BANKMONC
BCHE , 22.312, TODAY: 10/20/1998, Resistance: 21.750, Resistance since: 10/02/1998, BIOCHEM PHARMA INC COM, Health-Biomed/Genetics, MEDBIOGN
CBE , 44.438, TODAY: 10/20/1998, Resistance: 44.375, Resistance since: 10/05/1998, COOPER INDS INC COM, Machines-Gen Industrial, MACHGNRL
CCE , 32.812, TODAY: 10/20/1998, Resistance: 31.938, Resistance since: 10/16/1998, COCA COLA ENTERPRISES INC COM, Beverages-NonAlcoholic, BEVSOFT
CSE , 23.875, TODAY: 10/20/1998, Resistance: 21.188, Resistance since: 10/16/1998, CASE CORP COM, Machines-Farm, MACHFARM
CYM , 13.812, TODAY: 10/20/1998, Resistance: 13.500, Resistance since: 10/02/1998, CYPRUS AMAX MINERALS CO COM, Metal-Ores Misc, METORES
DCN , 39.500, TODAY: 10/20/1998, Resistance: 38.625, Resistance since: 10/05/1998, DANA CORP COM, Transpt-Heavy Trucks/Prts, TRUCKPRT
DLJ , 32.250, TODAY: 10/20/1998, Resistance: 31.750, Resistance since: 09/29/1998, DONALDSONLUFKIN&JENRETTE NEW COM, Financl-Investment Bkrs, FINIBKRS
ECILF , 27.562, TODAY: 10/20/1998, Resistance: 27.250, Resistance since: 10/02/1998, ECI TELECOM LTD COM, Telecomm-Equip, TELEQUIP
ETN , 69.938, TODAY: 10/20/1998, Resistance: 69.875, Resistance since: 10/19/1998, EATON CORP COM, Transpt-Heavy Trucks/Prts, TRUCKPRT
FEET , 16.438, TODAY: 10/20/1998, Resistance: 14.000, Resistance since: 10/12/1998, JUST FOR FEET INC COM, Retail-Apparel/Shoe, RTLAPPRL
FGCI , 19.812, TODAY: 10/20/1998, Resistance: 19.375, Resistance since: 10/01/1998, FAMILY GOLF CTRS INC COM, Leisure-Services, LEISVCS
GILD , 28.625, TODAY: 10/20/1998, Resistance: 28.250, Resistance since: 09/30/1998, GILEAD SCIENCES INC COM, Health-Biomed/Genetics, MEDBIOGN
GR , 34.812, TODAY: 10/20/1998, Resistance: 34.438, Resistance since: 10/02/1998, GOODRICH B F CO COM, Aerospace-Defense Eqp, AEROEQUP
GWW , 43.438, TODAY: 10/20/1998, Resistance: 42.875, Resistance since: 10/13/1998, GRAINGER W W INC COM, Electrical-Equipment, ELECEQIP
HAIN , 17.500, TODAY: 10/20/1998, Resistance: 16.750, Resistance since: 09/30/1998, HAIN FOOD GROUP INC COM, Food-Misc, FOODMISC
HMT , 15.062, TODAY: 10/20/1998, Resistance: 14.500, Resistance since: 09/30/1998, HOST MARRIOTT CORP COM, Leisure-Hotels Motels, LEISHOTL
IIN , 34.875, TODAY: 10/20/1998, Resistance: 34.812, Resistance since: 10/05/1998, ITT INDS INC IND COM, Diversified Operations, DIVEROPS
JPM , 95.375, TODAY: 10/20/1998, Resistance: 94.312, Resistance since: 09/29/1998, MORGAN J P & CO INC COM, Banking-Money Center, BANKMONC
LOR , 14.438, TODAY: 10/20/1998, Resistance: 14.250, Resistance since: 10/16/1998, LORAL SPACE & COMMUNICATIONS COM, Telecomm-Equip, TELEQUIP
LPX , 21.875, TODAY: 10/20/1998, Resistance: 21.625, Resistance since: 10/05/1998, LOUISIANA PAC CORP COM, Bldg-Wood Prod, BLDWOOD
LTR , 91.750, TODAY: 10/20/1998, Resistance: 88.938, Resistance since: 10/12/1998, LOEWS CORP COM, Diversified Operations, DIVEROPS
MAS , 28.125, TODAY: 10/20/1998, Resistance: 27.188, Resistance since: 10/02/1998, MASCO CORP COM, Bldg-Misc Constr Prod, BLDCONST
MEL , 61.000, TODAY: 10/20/1998, Resistance: 60.812, Resistance since: 09/29/1998, MELLON BK CORP COM, Banking-Super Regional, BANKSUPR
MXF , 11.062, TODAY: 10/20/1998, Resistance: 11.000, Resistance since: 09/29/1998, MEXICO FD INC COM, Financl-Pub Fd-Frgn, FINFRGN
N , 11.688, TODAY: 10/20/1998, Resistance: 11.188, Resistance since: 10/16/1998, INCO LTD COM, Metal-Ores Misc, METORES
NOB , 37.875, TODAY: 10/20/1998, Resistance: 37.312, Resistance since: 10/05/1998, NORWEST CORP COM, Banking-Super Regional, BANKSUPR
ODP , 23.250, TODAY: 10/20/1998, Resistance: 22.750, Resistance since: 10/06/1998, OFFICE DEPOT INC COM, Retail/Whlsle-Office Supl, RTLWOFF
ONE , 49.625, TODAY: 10/20/1998, Resistance: 48.062, Resistance since: 09/29/1998, BANK ONE CORP COM, Banking-Super Regional, BANKSUPR
ORB , 30.750, TODAY: 10/20/1998, Resistance: 30.438, Resistance since: 10/02/1998, ORBITAL SCIENCES CORP COM, N/A, N/A
ORI , 23.688, TODAY: 10/20/1998, Resistance: 23.500, Resistance since: 10/02/1998, OLD REP INTL CORP COM, Insurance-Multi Line, INSMULTI
PGO , 17.500, TODAY: 10/20/1998, Resistance: 17.000, Resistance since: 10/12/1998, PETROLEUM GEO-SVCS A/S ADR SPONSORED, Oil/Gas-Field Services, OGFLDSV
RGBK , 36.625, TODAY: 10/20/1998, Resistance: 36.562, Resistance since: 10/05/1998, REGIONS FINL CORP COM, Banking-Southeast, BANKSE
RNB , 45.312, TODAY: 10/20/1998, Resistance: 44.688, Resistance since: 09/29/1998, REPUBLIC N Y CORP COM, Banking-Northeast, BANKNE
RNWK , 37.875, TODAY: 10/20/1998, Resistance: 37.500, Resistance since: 10/16/1998, REALNETWORKS INC COM, Computers-Software, COMPSOFT
SBL , 47.250, TODAY: 10/20/1998, Resistance: 47.000, Resistance since: 10/16/1998, SYMBOL TECHNOLOGIES INC COM, Computers-Optical Recogtn, COMPOCR
SCI , 32.562, TODAY: 10/20/1998, Resistance: 30.000, Resistance since: 09/29/1998, SCI SYS INC COM, Elec-Misc Parts, ELECMISC
SYB , 21.500, TODAY: 10/20/1998, Resistance: 20.938, Resistance since: 10/05/1998, SYBRON INTL COM, Health-Dent/Med Supplies, MEDENSUP
TEO , 32.375, TODAY: 10/20/1998, Resistance: 31.438, Resistance since: 10/02/1998, TELECOM ARGENTINA SA ADR SPONSORED B, Utility-Telephone, UTILTELE
TLDCF , 14.688, TODAY: 10/20/1998, Resistance: 14.438, Resistance since: 10/13/1998, TELEDATA COMMUNICATION LTD ORD, Telecomm-Equip, TELEQUIP
TMO , 16.875, TODAY: 10/20/1998, Resistance: 16.500, Resistance since: 10/13/1998, THERMO ELECTRON CORP COM, Elec-Instruments Scientific, INSTRSCI
TOS , 24.438, TODAY: 10/20/1998, Resistance: 22.750, Resistance since: 09/30/1998, TOSCO CORP COM NEW, Oil/Gas-Refining/Mktg, OGREFIN
UNM , 52.625, TODAY: 10/20/1998, Resistance: 52.562, Resistance since: 10/05/1998, UNUM CORP COM, Insurance-Acc/Health, INSACCID
USB , 42.375, TODAY: 10/20/1998, Resistance: 42.125, Resistance since: 09/30/1998, U S BANCORP DEL COM, Banking-Midwest, BANKMWES
UST , 31.625, TODAY: 10/20/1998, Resistance: 31.375, Resistance since: 10/13/1998, UST INC COM, Tobacco, TOBACCO
VO , 33.188, TODAY: 10/20/1998, Resistance: 33.125, Resistance since: 09/30/1998, SEAGRAM LTD COM, Beverages-Alcoholic, BEVALCOH
WFC , 378.563, TODAY: 10/20/1998, Resistance: 367.688, Resistance since: 10/05/1998, WELLS FARGO & CO COM, Banking-Super Regional, BANKSUPR
WLL , 31.812, TODAY: 10/20/1998, Resistance: 31.125, Resistance since: 10/02/1998, WILLAMETTE INDS INC COM, Bldg-Wood Prod, BLDWOOD
XON , 76.562, TODAY: 10/20/1998, Resistance: 75.875, Resistance since: 10/13/1998, EXXON CORP COM, Oil/Gas-Intl Integrated, OGIINTG
XRAY , 21.875, TODAY: 10/20/1998, Resistance: 21.750, Resistance since: 10/19/1998, DENTSPLY INTL INC NEW COM, Health-Dent/Med Supplies, MEDENSUP
XYLN , 14.688, TODAY: 10/20/1998, Resistance: 14.250, Resistance since: 10/02/1998, XYLAN CORP COM, Computers-Local Networks, COMPLAN |
