A useful
exercise for any technical analyst or asset manager is to peruse the list of actively
traded NYSE stocks on a daily basis. Looking
through 100 or so charts a day will normally suffice to give you a good idea of
what’s happening in the broad market. A
cursory examination of the daily charts is, in my experience, far superior to
looking at the charts of the major indices like the S&P 500, Dow 30, etc.
My daily
perusal of the NYSE stock list has taken me through the stocks beginning with
the letters “H and “I” as of Wednesday.
Here are a few of the standouts that caught my attention from strictly a
chart pattern perspective:
Hyatt
Hotels (H, 37.08) looks like it’s ready to emerge from a near-term
consolidation/basing pattern. Watch for
resistance between the 38.00-39.00 levels on any future rally attempt.
IHS Inc. (IHS,
95.07) is another stock looking to play catch-up with its publishing industry
group leader. IHS broke out decisively
from a narrow, lateral consolidation pattern on Wednesday could rally up to gap
resistance between the $100-$105 area.
ING Groep
N.S. ADS (ING, 9.43) is one of the few momentum stocks on the NYSE right
now. Having just rallied to a fresh 9-month
high, ING is in a technical position to move higher on any further broad market
strength. Volume for ING needs to pick
up on the advances, however.
INVESCO
Ltd. (IVZ, 25.41) appears to be on the way towards a test of its September high
above the 26.00 level. This asset
manager stock is in a strong industry group and could continue feeding off
sector strength.
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