It has been a long time since we have seen this kind of bullish run in the stock market. Whether it is here to stay or not, does not matter right now. What we want to look at are where some of the current stocks are standing.
Also I have been linked in the 196 edition of Personal Finance Carnival, so check that out. Now lets get into it:
First lets quickly look at the Dow. With the big picture in mind, there is still a lot to make up before we even consider being out of the woods, but a first mini test could come at 7600. How easy, if at all, will the Dow break through the 62% retracement?
The next stook I want to look at is Netflix (NFLX). Being one of my 4 stocks to buy in 2009, I like to keep track of this stock, while the other ones still work themselves out. Since beginning of year the stock is up 37%. Profit-taking has got to be done sometime.
It looks like a breif rising wedge has been formed, which is a bearish indicator. Basically we either have to see if the stock hits above $41 or below $39. Make choices accordingly.
Next we will look at Amazon (AMZN). I felt that $72 was a key breaking point, so we still need to see if it can jump that hurdle. Zooming out a little further, I noticed a head and shoulder pattern that developed with a price target of $80.
Lastly, lets look at Haliburton (HAL). I have kept this on the back burner for some time and rightfully so. There is still a lot of work for there to be done to even be considered a long-term play, but the chart has some good signs short term.
If the stock can mange to jump above the 50 day moving average (blue waving line), then I would like a quick price target of $20. As you can see there is still way too much garbage and obstacles after that to consider moving straight higher.
These are just a few of the stocks I am keeping my eye on, but I have a feeling of some bloodshed right around the corner. So stay tuned.
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