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Follow on Google News | Stocks Looking to Go Higher; Ride the Gains & Take Some ProfitsIt has been a great few weeks for stocks. The major indices have edged higher in nine of the last 11 sessions to April 28.
By: George Leong, B.Comm. My investment advice would be to ride the gains, but also take some profits. Investor sentiment is extremely bullish and points to additional gains. Take a look at the new-high/new- The trend of the NYSE NHNL had been edging higher, with 190 of the last 202 sessions being bullish. In the technology area, 144 of the last 160 sessions have been bullish. The trends on both the NYSE and NASDAQ are edging higher. My near-term technical view is bullish, but you should watch the overbought technical condition. A technical view of the key indices is as follows: NASDAQ The near-term technical picture is moderately bullish on above-average Relative Strength (RS), so there could be more gains in the near term. The index is holding above 2,800 and its 50-day moving average (MA) of 2,756. There is still some near-term topping on the chart, but we are seeing a breakout higher. DOW The near-term technical picture for the DOW is moderately bullish on above-average RS, so there could be more gains. The index is above its 50-day MA of 12,210 and 200-day MA of 11,352. S&P 500 In the broader market, the near-term technical signals for the S&P 500 are moderately bullish on above-average RS. As we said, there was multiple tops on the chart, but the index has broken higher. Failure to hold at its 50-day of 1,315 would be bearish. RUSSELL 2000 The near-term picture for the Russell 2000 is moderately bullish, but on above-average RS. The index is above its 50-day MA of 820 and 200-day MA of 731. The key is to ride the profits but to also make sure you have some protection against weakness via Put options. Retire on This One Hot Stock! This stock is up 232% since we first picked it. Our expert analysts say it will go up another 100% in the next 12 months! Our top 19 stock picks were up an average of 173.57% in 2010 (not a misprint). See where we are making money in 2011 and get our combined 100 years of investing experience working for you starting today. Get your FREE report on our top stock pick immediately here. http://www.profitconfidential.com/ # # # We publish Profit Confidential daily for our customers because we believe many of those reporting today’s financial news simply don’t know what they are telling you! Reporters are trained to tell you the news—not what it can mean for you! End
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