A few of my members have quite rightly slapped my wrists for not being active on the market commentaries for a while. This is something I intend to resolve with regular updates by emails, video or webinars.
Having reached new highs the indices do look a bit ‘toppy’ right now, but as ever there are opportunities when you can use your naked eye to spot something rather attractive. The Nasdaq still looks bullish and is even emerging from a bull flag itself.
QQQ
AAPL
This was AAPL’s chart on Monday, forming a bull flag right below resistance at $470 … today it shot through to make new multi-month highs. The OVI has been positive for weeks … this is a classic OVI combination pattern. In terms of the Company itself, I won’t give an opinion. All I know is that someone big has been buying up call options in the past few weeks, which as coincided with the stock’s run up and consolidation. This is all we ask for!
BIDU looks good … as it did in mid-July. Just making a new high today and OVI positive for weeks.
CHK looks like it’s coiling like a spring … again look at the OVI.
Ford (F) has an impeccable OVI … it looks like just a matter of time until its next surge up.
On a bearish note, IBM looks a bit sore, though I’d like a more persuasive negative OVI to go along with the bear flag pattern.
JPM reversed today from Monday’s Doji bar. This chart is only up to Monday. The OVI is largely positive with a small hiccup. MS has a similar pattern.
VZ suddenly looks in bad shape … the OVI has turned sharply negative and the stock is making a bearish consolidation.
X is very close to its resistance just under $20, and its OVI is showing signs of life. It needs to do a bit more and the price needs to get up past its May high.
Ouch for XOM, but we need a consolidation and a few days of negative OVI.
More soon.
All the best
Guy
