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The market and noodles (nasdaq 100 eminis) has been slowly grinding new highs at the daily upper Bollinger bands everyday. The number of laggards are getting very thin. The (AAPL | Quote | Chart | News | PowerRating) and (KLAC | Quote | Chart | News | PowerRating) laggards that were pointed out last week at 74.50 and 49.50 respectively have bounced to overbought levels now at 84’s and 53s.
(BRCM | Quote | Chart | News | PowerRating) and (MRVL | Quote | Chart | News | PowerRating) have been on an incredible tear as I pointed out to member that MRVL under 60 while BRCM at 50s were under priced to the market. This sector is very very hot. There are two lower tier de facto laggards that we are playing for potential new 52-week highs and these are (PMCS | Quote | Chart | News | PowerRating) and (AMCC | Quote | Chart | News | PowerRating). The monthly stochastics are forming mini pups on the make or breaks giving upside targets at 12.90 and 4.57 respectively.
Since these are monthly chart, this could take some time. Trail stops would sit at the monthly 5 period moving average supports or daily 15 period moving average supports.
The Nasdaq 100 eminis (aka noodles) continue to grind to daily upper Bollinger bands daily. Earnings season kicks off next week. As mentioned earlier, would only be looking to play laggards in the market at this point. Good trading gang!
Jea Yu
Jea Yu has been involved with the equities markets for over 10-years. He specializes with intraday trading in the U.S. equities and futures markets. To receive a free 7 day trial to Jea Yu's Underground Trading Pit, click here or call 888.484.8220, ext. 1.
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