Well, it certainly seems as though the equity markets cannot make up their minds which way they want to go. The question on every investor's mind is, is this going to be a major top in the market like 2007?
I remember reading an article years ago titled "They do ring a bell at the top of the market." It was an intriguing title and, of course, that's the reason I read the article. In essence, it boiled down to this, when the Federal Reserve starts raising interest rates, it can be a major negative for the market.
One thing I like to do on Friday is look at markets that are strong going into the weekend. After yesterday's implosion in the marketplace, I thought that was going to be a hard thing to do. Thanks to MarketClub's Smart Scan technology, I was able to find five socks that bucked yesterday's downturn and are looking very good.
Now you may remember the rules I have talked about for "The 52-Week New Highs on Friday" weekend trade, but just in case you don't know what they are, here they are again.
Rule #1: On a new 52-week high, when the market closes at or near its high on a Friday, buy long and go home for the weekend.
Rule #2: Exit the long position on the opening the following Tuesday.
Rule #3: If the market opens lower on Monday, exit this position immediately.
These are the only three rules you need to trade "The 52-Week New Highs on Friday" successfully.
I invite you to watch the video and look at the five stocks I found using Smart Scan. Then 10 to 15 minutes before the market closes today you can see which stocks are closing at or near their highs for the day.
Have a great weekend everyone, Adam Hewison
Before I get into the six stocks and talk about them let's quickly discuss what's happening right now. The big news, of course, is the Alibaba IPO, here is what I do with IPO's. Unless you're lucky enough to get some of the initial stock the best thing to do is just to watch for a while and see how everything pans out. Just remember that perception is a strong driver of stock trends.
The other big news is the fact that Larry Ellison is stepping down from Oracle. Mr. Allison's exit from Oracle brings about a complete change in Silicon Valley. We no longer have Steve Jobs at Apple, Bill Gates at Microsoft. We're going to see some interesting transitions in all of these companies.
As far as Oracle Corporation (NYSE:ORCL) is concerned. The Trade Triangles are now all red indicating a lower trend and prices for Oracle.
The six stocks I'm going to be talking about in today's video will show that three are trending to the upside, and three are trending to the downside. Some of these stocks are setting up for the perfect weekend trade.