[Weekend Summary]
Dear Member:
A very tough week for the bulls. Looking at the weekly charts, the Nasdaq was down 92 and closed just slightly below support on a bit weaker volume. The Dow Industrials were down 351 to the weekly price support and to a weekly trend support. Weekly volume was down on the SP-500 and it fell almost 30 but to the area of support.
Looking at the daily charts today, the "Naz" was down on high volume and the Dow Industrials fell to support on just above average volume. The SP-500 also dropped to a level of support on high volume.
Nothing has yet signalled a reversal up yet. There has not been a classic capitulation so the message is mixed even if it leans to the bearish side. Until the market signals a turn I am not ready to leap into bullish mode.
Mindspeed (MSPD), Denny's (DENN) and Emcore (EMKR) have all fallen prey to the dramatic drop in the market. A Japanese Candlestick formation offers a hint that EMKR may be ready to reverse back up.
On the good side, Stemcells (STEM) moved up almost 20% from the Monday close and has broken above a resistance. A small cup has formed and we may yet see a handle (which would include a bit of a drop), but in any event, it looks pretty good to me now. EuroZinc (EZM) has remained in its' uptrend and was up very modestly for the week. Of course, being up at all in the recent market conditions is a very positive condition.
Commontouch Software (CTCH) stayed pretty flat. Again, flat in the bearish conditions we have recently seen is quite positive.
I appreciate the need for patience when searching for bullish candidates in such bearish circumstances. The really good news is that the market will turn up, the bad news is it hasn't yet. Only it can tell us when it does.
Have a great weekend and thanks for subscribing.
Bill
|
