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Monday, December 22, 2008

Watchlist Stocks - JOYG, MA, GS, SUN, NUE

Nucor Corporation (NYSE:NUE) - Broke out of double bottom formation and now pulling back to support area between $42.5-$40. It has also pulled back to a short term uptrend line. Wait for a day or two for a bullish candle for confirmation successful retest.

MasterCard Incorporated (NYSE:MA) - Broke out of downtrend line. Now trading above 50SMA and resistance $150. Next target @ $170.

Goldman Sachs Group, Inc. (NYSE:GS) - Still in the formation of ascending triangle pattern. If it is able to breakout with good volume and sustain above 50SMA overhead, next target would be $100.

Joy Global Inc. (NASDAQ:JOYG) - Broke out of ascending triangle on earnings announced a few days back. It has cleared a downtrend line that formed since Sep. Now retesting former resistance now support at around $22.5

Sunoco, Inc. (NYSE:SUN) -In an ascending triangle breakout and now hovering around 200SMA. It has retested former resistance, now support @ $40. But the the move up could potentially stall at $45, which doesn't make it a very good risk/reward candidate.

The VIX has fallen by about 50% from the peak at 80 and bad news seems to have been well cushioned by the market. While we can start dipping our toes back into swing trading, it is advisable to still trade lightly with smaller position size because trading volume will start to dwindle this week till year end as we approach the holiday season. Well, if possible, stay away from the market these 2 weeks and enjoy your holidays!

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