At the end of this short week, here are the stocks that I have on my watch list.
The big change to this week list is the removal of H&R Block (HRB) which rose 9% after reporting their earning. H&R Block also will keep their dividend going steady into fiscal year 2010. H&R Block is now 23% off its low.
More companies were added than removed which tells me the market is turning bearish.
Let's take a look at the market.
The market closed the week lower by 2%. Upside momentum appears to be topping out and can't stay above RSI of 50. A head-and-shoulder pattern (bearish pattern) has formed and this week watch list confirms this bearish pattern. We'll have to see if I am right.
On May 18th, I wrote an article call "Quantitative Reasoning Behind Bear Market Rally" We may be in the resumption sell-off stage but we'll have to wait and see. For now, build up cash and begin research those companies on the above list. The market will give you an opportunity to acquire them near their low.
Art
The big change to this week list is the removal of H&R Block (HRB) which rose 9% after reporting their earning. H&R Block also will keep their dividend going steady into fiscal year 2010. H&R Block is now 23% off its low.
More companies were added than removed which tells me the market is turning bearish.
Let's take a look at the market.
The market closed the week lower by 2%. Upside momentum appears to be topping out and can't stay above RSI of 50. A head-and-shoulder pattern (bearish pattern) has formed and this week watch list confirms this bearish pattern. We'll have to see if I am right.
On May 18th, I wrote an article call "Quantitative Reasoning Behind Bear Market Rally" We may be in the resumption sell-off stage but we'll have to wait and see. For now, build up cash and begin research those companies on the above list. The market will give you an opportunity to acquire them near their low.
Art
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