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JimVanMeerten (63.29)

NASDAQ 100 Signals Caution

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December 29, 2012 – Comments (0) | RELATED TICKERS: FAST , AKAM , ORCL

Today I sorted the NASDAQ 100 Index to find the 5 with the best Barchart technical indicators and charts and did not like what I saw.  I am giving a big signal of caution to all technical and momentum investors.  This is a declining market and I do not buy into declining markets.

Look at this hourly chart of the Value Line Index over the last 28 days and you can see the hourly declines:


On the close Friday 55.06% of all the stocks traded below their 20 day moving averages and there were 2856 declines to 977 advances - That's a 3 to 1 decline in the market.  Sit on the side line and be ready to jump in when the market reverses.
These are not buy recommendations but are just given for information.  They are the 5 with the highest Barchart technical indicators but NONE has a score of 100%.  The list includes Fastenal (FAST)Virgin Media (VMED)Akamai Technologies (AKAM)Expeditor's International of Washington (EXPD), andOracle (ORCL):

Fastenal (FAST)

Barchart technical indicators:

80% Barchart technical buy signalTrend Spotter buy signalAbove its 20, 50 and 100 day moving averages12 new highs and up 12.58% in the last monthRelative Strength Index 70.84%Barchart computes a technical support level at 45.49Recently traded at 46.18 with a 50 day moving average of 43.07

Virgin Media (VMED)

Barchart technical indicators:

80% Barchart technical buy signalTrend Spotter buy signalAbove its 20, 50 and 100 day moving averages6 new highs and up 6.96% in the last monthRelative Strength Index 63.25%Barchart computes a technical support level at 36.05Recently traded at 36.41 with a 50 day moving average of 34.08

Akamai Technologies (AKAM)

Barchart technical indicators:72% Barchart technical buy signalTrend Spotter buy signalAbove its 20, 50 and100 day moving averages9 new highs and up 12.60% in the last monthRelative Strength Index 58.15%Barchart computes a technical support level at 39.95Recently traded at 40.40 with a 50 day moving average of 37.90

Expeditors International of Washington (EXPD)

Barchart technical indicators:64% Barchart technical buy signalTrend Spotter buy signalAbove its 20, 50 and 100 day moving averages9 new highs and up 5.40% in the past monthRelative Strength Index 58.74%Barchart computes a technical support level at 38.53Recently traded at 39.03 with a 50 day moving average of 37.29

Oracle (ORCL)

Barchart technical indicators:64% Barchart technical buy signalTrend Spotter buy signalAbove its 20, 50 and 100 day moving averages6 new highs and up 3.84% in the past monthRelative Strength Index 57.74%Barchart computes a technical support level at 32.68Recently traded at 33.02 with a 50 day moving average of 31.55

Be patient and keep your powder dry!

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