As the market corrects and sells off from the peak, we noted yesterday that it is useful to maintain an even psychology by watching for stocks holding up well. From these you can build up a watch list for the purpose of being ready for any potential turn back to the upside. While the market's negative action this week combined with further potential revelations about the extent and scope of the damage in Japan may make for a rough ride, but stocks acting well in the face of such action should be given a spot on any buy watchlist. Today we saw Halliburton Co. (HAL) bounce off its 50-day moving average with a pocket pivot, JAZZ continued higher with a continuation pocket pivot, BIDU followed-up yesterday's pocket pivot buy point with another one today, Chinese internet cousin stock SOHU followed up with its own pocket pivot, yet a third Chinese internet, NTES, continues to hold up well and in fact flashed a very subtle pocket pivot yesterday (Thursday), and Under Armour (UA) flashed a subtle pocket pivot within a short cup-with-handle type of formation on its daily chart. All of these stocks deserve to be monitored as they are holding up despite some strong waves of selling that hit the market this week.
PPR - Pocket PIvots to Keep in Your Back Pocket - HAL, JAZZ, BIDU, SOHU, UA, NTES
|Published:||11 Mar 2011 22:48 ET|
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2021 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.