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|
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