Daily PACS Dec. 6, 2011

Author’s additional notes:

Yesterday we saw another day of consolidation. The market started on the weaker tone and went down.  But just about when everybody thought that it will close negative, it then rallied back to where it started. It closed slightly up by .80 points which is highly reflective of what I discussed in the previous newsletter. That is, “consolidation with slight upward biased”.   We also saw two sectors stood strong but they still failed to bring other sectors into a rally mode. They are the banking sector and the mining. The property sector on the other hand continues to languish.  Over on PACS, it basically is on a standstill and no progress towards the upside is seen.

I am now advising everyone who is holding onto mining issues to be extra vigilant in watching its price action. I think it is a little bit over stretch right now and we might see a pullback coming in anytime soon. Keep a tight stops and watch PACS levels carefully. I saw two stocks that are hovering very close to bearish confirmation level. They are NI and PX. Be on the lookout for a possible sell signals.

I also tweeted on Twitter and posted an alert on my Facebook account regarding LR yesterday. If you are one of those who have a position on it, I hope you were able to timely read the warning I sent and were able to get out. From time to time, I’ll be sending out stock alerts based on PACS. Be sure to have one of your account, Facebook or Tweeter link to my PACS account in order to receive these alerts.

*For new readers check out “How to use” PACS page found at the sidebar or click this message.

*Please note that PACS’ price  alert level will always supersede any opinion coming from the author.

*Try not to chase stock and always try to buy or sell near PACS given level.