Mid-Day Minute
Mid-Day Minute, published mid-session daily, features technical strategist Mike Paulenoff's annotated chart analysis of a key market and its ETF or bellwether stock in play.
VECO on the Move
On Wednesday we noted to subscribers that VECO Instruments (VECO) appeared to have completed a pullback when it hit its January 27 low of 23.75 and to watch for a sustained climb above its prior significant rally peaks at 26.57 and 26.40. Since then the stock has popped its head above these peaks, which should trigger powerful upside acceleration to 28.00 and then to 30.50.
Promising Technical Set-Up for ORCL
For nearly two weeks, Oracle (ORCL) has been consolidating its post-earnings gains from 24.91 to 28.95, which has taken the form of a high-level bullish coil pattern that should be preparing to thrust to the upside towards a next optimal target zone of 29.40/60. At this juncture, only a decline that breaks 28.00-27.95 will wreck the promising near-term technical set-up.
Recovery Period for KGC
My near- and intermediate-term work on Kinross Gold Corporation (KGC) indicates strongly that a significant low was established at 9.96 on Jan 19 and that the upmove to 11.95 on Jan 26 represents the initiation of an intermediate-term recovery and/or bullish period. The target for the first upmove is 12.50/60. As for the extreme near-term weakness off of last Thursday's (1/26) rally high at 11.95 into today's low at 11.15 (so far), my micro pattern work points to 11.
Gold, Euro Rebound Off Lows
Today's weakness in the Euro/USD (so far) has held important support in the 1.3080/50 area, which represents a former 6-week upside breakout plateau. As long as EUR/USD respects the integrity of the support zone, the recovery rally off of 1.2620 (Jan 15) will remain intact. As we speak, EUR/USD is rebounding off its intraday low at 1.3075 to 1.3135, which is providing a bit of a tailwind for spot gold prices. As for gold, the earlier weakness probed, but did not break, the prior pullback low at $1714.32.
Upmove in APKT
While the overall market waffles and appears a bit exhausted "up here," we continue to like Acme Packet (APKT). Both my near- and intermediate-term work argue that APKT ended a major bear phase at its Jan 4 low at 25.20 and that the upmove to Tuesday's high at 31.78 represents the first up-leg of a new bull-recovery period. This recovery appears destined for 40.00 and then 45.00-47.00 thereafter. Initial near-term support resides at 29.
