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Sunday, March 27, 2005 10:21:59 AM
Leavitt Brothers Free Stuff:
03/27: Our first target (1175) has now been hit. Selling of late has been intense, so think an oversold bounce is due. If it happens, we could have a decent size head & shoulder top pattern forming which projects a drop to 1100 if the neckline is taken out. Stay tuned.
03/20: Our first target (1175) is within reach. Don't pay much attention to the volume...there was a lot of rebalancing with the S&P 500 on Friday. The longer term trend is up. The short term trend is down. We expect a bounce soon, and the conviction in that bounce will be a good indication of the next several months.
03/13: Below are our comments from last week. We got our breakout but no follow through, so now the market is in jeopardy of breaking down. We think testing 1175 is inevitable and 1150 is very likely.
03/06: Last week we stated our opinion that the S&P 500 would breakout to new highs but would not follow through. We got our breakout, and next week we'll see what kind of follow through, if any, it gets. The trend is up; don't fight the trend, but we need more volume and some separation for this consolidation period we've been in.
03/27: The Nasdaq continued to slide out of its bear pennant pattern, but there hasn't exactly been a big sell-off similar to early- and mid-January. And now we have a positive MACD Histogram divergence forming which usually signals at least a short-term bounce.
03/20: The Nasdaq broke down from its bear pennant to make a new swing low and now tests psychological support at 2000. Our target remains 1900 because the size of the pattern suggests a 100-point drop.
03/13: The Nasdaq never came close to make a new high and is now treatening to break down from this bear pennant. The move down from about 2200 to 2000 suggests a drop from 2100 to 1900 as our first target. Then we'll re-evaluate.
03/06: The Nasdaq is concerning us more than it has in the past. Not only is it not keeping up with the other indexes, it's falling behind. It was up 0.6% this past Friday which is nice but not great when you consider all the other indexes were up over 1%. Something has to give. The Nas must perform better or it will eventually drag the market down.
Our stock pick this week is ATYT. We played the breakdown from the bear wedge shown and will add to our position if newly established support is taken out. But watch for a breakdown and quick bounce if the overall market bounces. Be very short term if need be or be long term. If you are middle of the road, you could be crushed.
03/27: Our first target (1175) has now been hit. Selling of late has been intense, so think an oversold bounce is due. If it happens, we could have a decent size head & shoulder top pattern forming which projects a drop to 1100 if the neckline is taken out. Stay tuned.
03/20: Our first target (1175) is within reach. Don't pay much attention to the volume...there was a lot of rebalancing with the S&P 500 on Friday. The longer term trend is up. The short term trend is down. We expect a bounce soon, and the conviction in that bounce will be a good indication of the next several months.
03/13: Below are our comments from last week. We got our breakout but no follow through, so now the market is in jeopardy of breaking down. We think testing 1175 is inevitable and 1150 is very likely.
03/06: Last week we stated our opinion that the S&P 500 would breakout to new highs but would not follow through. We got our breakout, and next week we'll see what kind of follow through, if any, it gets. The trend is up; don't fight the trend, but we need more volume and some separation for this consolidation period we've been in.
03/27: The Nasdaq continued to slide out of its bear pennant pattern, but there hasn't exactly been a big sell-off similar to early- and mid-January. And now we have a positive MACD Histogram divergence forming which usually signals at least a short-term bounce.
03/20: The Nasdaq broke down from its bear pennant to make a new swing low and now tests psychological support at 2000. Our target remains 1900 because the size of the pattern suggests a 100-point drop.
03/13: The Nasdaq never came close to make a new high and is now treatening to break down from this bear pennant. The move down from about 2200 to 2000 suggests a drop from 2100 to 1900 as our first target. Then we'll re-evaluate.
03/06: The Nasdaq is concerning us more than it has in the past. Not only is it not keeping up with the other indexes, it's falling behind. It was up 0.6% this past Friday which is nice but not great when you consider all the other indexes were up over 1%. Something has to give. The Nas must perform better or it will eventually drag the market down.
Our stock pick this week is ATYT. We played the breakdown from the bear wedge shown and will add to our position if newly established support is taken out. But watch for a breakdown and quick bounce if the overall market bounces. Be very short term if need be or be long term. If you are middle of the road, you could be crushed.
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