Sunday, February 9, 2014

Monday Morning Game Plan! Bulls are back but for how long? Market bounces off 200-day average, but on lower volume.

 Technical Analysis of  $EXEL $AAPL $JCP

Market bounces off 200-day average going into the weekend  but on lower volume. Possible weak longs and bulls trying to lock into quick profits before another downfall. Lets have a look at few charts of some companies.

Exelixis, Inc. Biotechnology
Expect a pullback to 6.80 on Monday and consolidation in that price range.

J. C. Penney Company, Inc. Department Stores

JCP recently bounced off 4.90 but met huge resistance @6.00 and closed with long upper shadow pointing out Bulls did not have enough steam to break 6.00 Monday will show if bulls are still there and a cross on MACD line would be a confirmation signal. There is possible W double bottom forming before a break out. Highly expecting a pull back with a close below 4.90 before another run for 6.00.

Apple Inc. Personal Computers
“Be Fearful When Others Are Greedy and Greedy When Others Are Fearful”- Warren Buffett. 
 This quote exactly summons up Apple Chart. Wall Street just don't want to listen. Recent share buyback of 14billion and Tim Cook confirming of launching new products this year in new categories brings new opportunities for the share holders and the stock itself. The company is estimated to end its fiscal 2014 with over $181 billion in revenues. At this price APPL is a steal and we will be seeing new highs of $700 before the end of the year.

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