Chartcraft Report:
-Increased Fidelity International Switch Fund Portfolio to 60% invested by adding Fidelity Overseas Fund.
-Daily TIR Composite down to 39.6 from 42.1. This is Chartcraft's short term timing tool and works like Bullish %'s.
-OTC and ASE daily advance/decline lines now below where they were 10 days ago and now confirmed by two consecutive days of market action. A short term negative.
-Positive short term indicators moving toward overbought territory.
-A p&f buy signal was given in Fidelity's Biotech Fund. Group received a lift from a good earnings report from Biogen.
-Many buy signals seen in European Funds
-Technical Indications:
High Pole at the Bearish Resistance Line (very bearish): Estee Lauder
High Pole Top (bearish): Proctor & Gamble
Bull Trap (bearish): Philips NV, Pitney Bowes
Buying Climaxes (63) (bearish): Amerisource, Barnes & Noble, Chase Manhattan, Bank Boston, Discount Auto, Proctor & Gamble, Tyco International, SLM Holdings, US Air, CMG Information Services (up 800% in the last year), Amazon.com (up 1,000%), Excite (up 500%), Lycos (up 500%), JB Hunt, Pixar, Twinlab, Plantronics, Chrysler, Devry, Catalytica, Joseph A Bank, Mercury Interactive, Nordstrom, Merck, Cable & Wireless
Selling Climaxes (28) (bullish): Ikon Office Products (HPT at $53-now $13 1/2), Lone Star Tech, RJR Nabisco, Sealed Air (has lost 50% in last 3 months), Columbia Labs, Advanced Health, Biotech General, Idec Pharmaceutical, Lam Research, Biotime, Excel Industries, Grupo Radio, Getchell Gold, Coherent, Eagle Foods, Global Telecom, Harvey Entertainment, Play by Play, Xicor, Primodonna Resorts.
"Short term OK if you're in the right stocks. Our best guess at the moment is some more shorter-term strength, but very narrow in terms of participation. If you're in the wrong stocks you will not do well. Afterwards, we think we will see more correction back to 8,000-8,400."
Michael Burke
I missed Tom's appearance on CNBC this morning for the 2nd time in a row. Would someone be kind enough to summarize Tom's thoughts and stock commentary and post on our board. Thanks in advance.
Bruce |
