Stock Charts; TruCharts.com update week ending 09/04/2014

Stock Charts; TruCharts.com; Technical Analysis Week ending 09/04/2014

Well our pick SPLK did very well this week. We would like to see this stock consolidate before we decide to take a position in SPLK. Another highlights in our portfolio were T, ED and YHOO. Lowlights – gold miners (fortunately we have written covered calls onthese positions). The gap down in gold was a short term break of the trendline and we think this will go lower :-(.

The markets have climbed a wall of worry and we think this breakout is still real until we see a breakdown in the technicals and a close below the 50d or 200d SMA. We do not think this will happen. Margin debt is at an all time high but this is not deterring the market yet. Bull/Bears ratio is at an all time high and still markets are not showing any signs of a pullback. We stated to buy on pullbacks and that is still the main theme. Checkout the stocks ED, SO, PCG – all dividend paying stocks are trending higher.

SPY Chart

See the chart of the SPY above – check our notations on the chart – we think this is heading higher – none of the indicators are negative yet.

In other big news – Alibaba finally announced the pricing of it’s IPO – $60- $66 per share – with almost $158B market cap. WOW!!. We like this stock and think it will go higher. We missed the move in China Mobile (CHL). We had tagged it at 42 and completely missed the gain.

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Here is a link to a list of stocks under our automated trade strategy which shows stocks on our buy signal. TruCharts Auto Buy Signal Strategy Reports

We still like YHOO, T and TUBE.  For full disclosure, we are long all these stocks.

Good luck trading.

TruCharts Team