No change from my last update in that the markets still exhibit strength across the board. I’ll go through some charts in a moment. Before I do however, I want to let you know of the continuing improvements and new initiatives we’re making.
- Improved OVI Express40 stocks: extensive backtesting is enabling us to deliver a higher ratio of “interesting” opportunities within the OVI Express40 stocks. This will mean more frequent rotation of stocks in the list, with the less interesting ones being dropped quicker.
- Improved OVI-Flag pre-set filters on FlagTrader: another byproduct of our extensive backtesting, meaning increased pertinence for our pre-set filters.
- More regular market update emails: this is a priority and a team is being built to facilitate this, so you’ll receive more regular market update emails.
- Improved email speed: this will enable us to deliver time-senstive emails more effectively.
- A new mobile App: more about this another time!
Now for the market update:
The S&P continues to rise, though the volume on the SPY is somewhat subdued.
The Nasdaq has found its voice, with a bull flag forming in the last four bars. Notice the extended megaphone starting in January. Megaphones often resolve to the downside. This one, with the current bull flag, appears like it wants to push up with the other indices, though the OVI is indecisive to say the least.
The financials are beginning to look different to each other. Citigroup is pushing on with a positive OVI, good volume and price action …
… Whereas MS is almost forming a head and shoulders with a subdued OVI …
… And GS looks like it could be coiling up for another burst.
GOOG is forming a nice bull flag and its OVI remains positive. This is its fifth such bull flag / positive OVI combo since January, since which time the stock is up over $80.
Staying with tech, HPQ continues its run and is forming another bull flag with a rampant OVI.
ORCL is one of those stocks I rarely mention, but it’s forming a rather useful cup and handle with a decent positive OVI. It won’t make you millions, but the pattern is constructive.
PCLN poised for another breakout. A cup and handle and an ok OVI. Can be a bit bouncy this stock, so tread carefully.
Someone(s) out there fancy YHOO. Forming another bull flag and the OVI is super.
And finally for an oil stock – SLB. The OVI has been positive on this since the beginning of January, and the stock now looks poised to burst from its pennant.
More from me soon.
All the best
Guy