Trucharts.com Blog week ending 2/20/2015 - And Stocks to Watch for the coming week and markets
Well another week and another set of new highs for all the indices - S&P, Dow and NASDAQ (headed to 5000) - We have been saying that what we experienced the week before was a breakout of descending triangle pattern and the markets just moved higher after the breakout. The Eurozone Greek situation is just noise and it is totally irrelevant to the markets in the US. That has been our theme and it has made money for us. Although we are seeing fewer stocks participating in this move up - nevertheless, the markets are heading higher. We expect a pullback to the 13d SMA and we should be mindful of that. We still like certain stocks and we will discuss these below. The Russian issue with Ukraine - just more noise - and Putin is going to keep the West on its toes - while the West is going to keep putting pressure on Russia by driving the price of oil lower - we expect this to be a bottoming process for oil and should last through summer this year. Gold is pulling back as the market moves higher and we are short AEM (www.trucharts.com/stockview.aspx?TICK=AEM) We are long USO and will keep writing covered calls on the USO position.
Our picks from our blog last week did very weel - TWTR, CYBR, USO, LINE - we closed LINE and CYBR this week.
Markets on Friday moved up due to the loan extension granted to Greece for 4 months - and the markets just rocketed higher - even with narrowing breadth/leadership. NASDAQ is being driven by the biotech sector and this weekend SLXP is being bought by Valeant for ~10B.
Next week we expect the Fed to keep the patient theme in their language to the Congress and here is a good article on earnings and news for what will drive the markets next week:
Here are the market stats from Friday close(check the New Highs and New Lows on the NYSE and NASDAQ - lopsided to the New Highs) - means the markets are still seeing a fair number of new highs relative to new lows with market at all time highs - still a bullish sign:
Advances & Declines
NYSE
|
AMEX
|
NASDAQ
| |
Advancing Issues
|
2,143 (66%)
|
206 (51%)
|
1,427 (51%)
|
Declining Issues
|
1,005 (31%)
|
170 (42%)
|
1,263 (45%)
|
Unchanged Issues
|
90 (3%)
|
26 (6%)
|
106 (4%)
|
Total Issues
|
3,238
|
402
|
2,796
|
New Highs
|
164
|
9
|
131
|
New Lows
|
14
|
7
|
31
|
Up Volume
|
2,197,896,660 (67%)
|
58,220,649 (51%)
|
1,081,999,545 (63%)
|
Down Volume
|
1,044,822,426 (32%)
|
54,108,506 (47%)
|
594,106,069 (35%)
|
Unchanged Volume
|
53,196,027 (2%)
|
2,284,090 (2%)
|
32,536,265 (2%)
|
Total Volume
|
3,295,915,1131
|
114,613,2451
|
1,708,641,8791
|
Here are the stocks we will be watching this week and we especially like: KLAC, ALTR, Z, ANGI - check out the weekly charts for Z, ANGI and ALTR here below:
(Check the volume for ANGI) - we want to clearly warn you that these are risky stocks - the charts are for information purposes only. We will be looking to buy these based on our analysis.
Here are some other charts of interest this week:
www.trucharts.com/stockview.aspx?TICK=ALTR (we closed this week for 4.5% profit)
We closed out GM and F short spread for a small loss - we could have stayed short but decided to close these.
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