Continued market concerns about unsustainable debt levels around the global economy is giving the indices some wobbles leading into earnings season, though some leading stocks are doing pretty well. I mentioned to my Private Group recently that I felt this year had the smell of 2008 about it. June’s activity certainly added weight to this gut feeling and my forecast is of increasing volatility into the autumn.
QQQ
We got the retracement I asked for last time, but the OVI is choppy, indicating uncertainty. Regardless of what happens during this summer and earnings season, I’m looking for signals of market weakness to hitch a ride on.
SPY
Similar to the QQQ with the same sentiments.
Now for a few stocks to consider.
AAPL
AAPL has continued its roar back as suggested last time. You really do have to pay attention to the OVI-Flag combination. It’s the easiest way to make money in the markets these days. Significant resistance ahead though for AAPL.
AMZN
AMZN has been a dream to trade recently. Why? The OVI-Flag combination … again! Moving forward if the markets were to flourish I would bet that AMZN would be one of the leaders.
ANF
Another success from last time and forming a useful cup and handle this time.
BAC
More woe for BAC … all you had to do is look at the OVI and the downtrend. “Simples” as they say!
GLD
Gold flying again … would like to get on the next consolidation.
GOOG
Google looking poised for more upside if it can get through resistance …
GS
Could this be double bottom for troubled GS? OVI is only marginally negative and we’re in an area of key support here. Look for signs of life soon.
Now for some stocks that we found from my CANSLIM filters. Only my Private Traders Club Members will be able to see this content.
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Earnings is now underway so there’ll be some fun and games with that.
More soon.
All the best
Guy