Nasdaq 1000 not broken yet in the weekly chart. Watch the
stochastics for a drop under 80.
One of the ProShares Ulra Shorts, this one for
the QQQQ and moves about 200% inverse. It has broken above the trading
channel and is testing that trend line so if you want to hedge using
the top 100 Nasdaq stocks (though actually as it is market cap
weighted it is really much fewer stocks that matter much in its
movement) you could go long in here with a stop under about $47,
First resistance is the 50-day and a bit longer term the $51.50 area as
shown. From there we will wait to make predictions but the $57 area
will eventually be a target.
The Semiconductor Holders broke out of its 6 month trading range in
April, tagged the year ago price and has pulled back to breakout support and
the 50-day EMA. At the moment this could move back up as the chart is sill good
looking so it is strange as we could not get much of a tech stock pullback if
the Semis were going up.
The NYSE dropped to the the trend line and so far bounced. Stochastics has
dropped under 70 and RSI has had negative divergence since late April.
The number of NYSE stocks that are above the 50-day moving average is falling.
The S&P 5000 did reach the former monthly high but not quite the all time
high at 1553.
The Russell 2000 50-day EMA and the blue trend line are the short term
support so a break would be a short opportunity as it may then go to test the
200-day one more time.
The Russell 2000 weekly shows it closed up $6 or the week. Stochastics has
yet to drop under 80 so heads up if it does as it may be the larger drop as it
has in the past each time it droped under 80.
The S&P 500 to Russell 2000 ratio chart shows that the S&P is now above
the trend line and has a golden cross so it predicts that the S&P will now
outperform the R-2000. We would then expect the larger caps to continue to do
better and during a general market correction to at least stand up better than the
R-2000.
We have not shown this chart in a long time.
This was a popular fund (maybe it is still) for playing the Russell 2000
- as a short as this goes up when the R-2000 goes down. Now
though there is the
TWN
UltraShort ProShares that moves about
double the inverse percentage of the R-2000 and it is tradable any
time unlike this fund which is only tradable every day and you have
to buy or sell by putting in your order the day before. I am showing this chart
as it is a good one to use as a buy signal as when it is finally able
to break over the 65-week EMA which has been resistance for 8 years.
Gold daily still below
the trading channel and the 38% retrace (62% inverted shown here).
Stochastics is under 20 so it may bounce but would really be nice
over the summer if it could drop to the moving average. This has a
longer term support history and a successful test would be a good
time to reenter long term positions.
This Dow to Gold ration monthly chart still
shows the Dow outperforming gold and it looks pretty good to at least
the resistance. This means that if the Dow does pull back that gold
is also likely to do the same.
Oil in the same range for
2 months
The 30-year bond closed
over 5% yield. It has not broken out so may need to pullback as RSI is
overbought. It does have a Golden Cross with the 200-day now under
the 50-day. Rates above 5% may start to take some money away from
the market as a 5% "sure thing" as compared to a market that may be
topping starts to look pretty good for many institutions.
The yield curve of the
10-year/3-month got positive by a hair on Friday and closed only a
tad inverted.
US Dollar almost to the
resistance
NNRF Nucon had two news items this week. One was the
announcement that they have signed a letter of intent to acquire an
additional company in
the field of Oxy-Fuel Equipment and this will add to their revenues
and expand their offerings. The
second was a very good
review of the recent Board of Directors meeting in California. These
and others comments are on the
message board topic on
NNRF. The notes about the Board of Directors meeting is excellent as
it shows the expansion of the company and its scope.
You can see on the chart that it is is still in consolidation not
far from breaking out. The company is planning now for its June road
show and we expect this to bring a lot of attention to the company
and the stock as there is "Nuclear fever in the Mideast". (read on
message board) We believe this is in a very good buy range right
now.
CFPC The stock dropped after the
quarterly report came out and I talked with a company rep and found that
they report revenues only when they receive the money and because of
two different situations as I explained on the message board, the
report was not negative. It seems the clearing this up sparked
renewed buying and it rallied for a couple of days, closing Friday
at the $1.80 resistance. We think it will soon move back over $2.00
and when they start to come out with progress news it will move
above the April levels.
On the CFPC above some were adding to positions or
reburying on Friday which is fine at these lower levels but they
would be doing better if they bought when the stock had pulled back.
Here with CYRX the stock has pulled back a bit and is near
support so a good place to add instead of waiting until it moves up
over the $2.40 area. Why wait until a stock you want to hold long
term goes up 25% when you can buy it now at a better price.
HSXI Possible bull flag now with the moving average
closing in to touch or cross which would be bullish. The company
opened its new website
http://www.myarthritisstore.com/
and is accepting advanced orders for its
enSonix@home
medical device and you can now buy its ZingiberRx an
anti-inflammatory and pain relieving cream.
The economic calendar from briefing.com - a lot of them on June 1.
MNEF looking for a break
of $2.40
NGAS Increasing
volume on Friday - a break and continuation play
NTRI Over $66.95 - would
like more volume
CEDC also nice
volume over $34.31
AAGH a penny -Do
not know this company but nice close over the 50-day EMA with
increased volume and a break would be over $0.064
NAL Above $16.83
ASN had a Friday high of $56.74 so one
could wait for a new high or buy on a second try over $55.45
ORBC Over $14.35 - $14.25 aggressive or
pullback to 13.50 area
PDCO Over $37.50 aggressive or $37.75
IDMI Over $3.38
to the 200-day EMA
SNCI Over $10.19
You know - onion domes of
St. Basil's Cathedral.
One of the nice places to swim
or walk in large forest or relax on the lawns and beaches.
That's a full lid for today - will see you all
during the week.
Check the
Earnings Calendar
on all overnight holds.
Check the current
message board also for other good
stock candidates as there are several there right now.
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