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It’s being called the rally everybody hates. When many traders were skeptical stocks moved higher. Once traders started to give in, stocks moved lower. Who really knows what this market wants to do, but, the undertone, is that stocks still do want to and can go much higher.
At the risk of sounding redundant, I won’t say too much about each stock. You can already see everything on the charts. Read my stock charting basics.
Bank of America (BAC) – My recent analysis of BAC still holds true, so this chart is used more to emphasize the 3 type of trends (down, up, and sideways) stocks move in, and what BAC, individually, has gone through.
Nike (NKE) – The video analysis from Friday pretty much says it all. After a nice gap up, this stock is consolidating and could either break out to higher levels or fill the gap back down.
Lululemon Atheltica (LULU) – After gapping up, the initial price target ($41) has been met. The RSI and MACD both say this stock is overbought, which could bring this stock back down to test the new support at $39.
JA Solar (JASO) – I’ve been playing this stock for quite some time now, and the current support line has not failed yet (knock on wood). Should this bounce and trend continue, I like this stock to get back up into the $5′s.
Caterpillar (CAT) – After pointing out the push from the 62% retracement last week, the stock continued on to eventually test the 100% retracement at $64, and failed. We could see this stock coming back lower, but I don’t think it will come much lower than $61 before heading higher.
Clearwire (CLWR) – Clearwire continues to be my secret addiction. Long-term this stock is stuck in a wedge pattern. Should this pattern hold, look for a bounce around $6.60.
