JC Penney hot, Goldman not: Vialoux’s Technical Watch


JC Penney Co. (NYSE:JCP) – $34.02 added 0.2% after Macquarie upgraded the stock from Neutral to Outperform. The stock has a positive technical profile. Intermediate trend is up. Support is at $29.55. The stock trades above its 200 day moving average and bounced above its 50 day moving average at $32.96 yesterday. Strength relative to the S&P 500 Index has been positive since mid-August. Short term momentum indicators are overbought. Seasonal influences are neutral in January, but turn positive in February. Preferred strategy is to accumulate the stock on weakness to its 50 day moving average at $32.96

Anheuser-Busch (NYSE:BUD) – $60.39 added 0.7% despite a downgrade by ING Group from Buy to Hold. The stock has a positive, but deteriorating technical profile. Intermediate trend is up. Support is at $57.07. The stock trades above its 50 and 200 day moving averages. However, strength relative to the S&P 500 Index turned negative at the end of November and short term momentum indicators have rolled over from overbought levels. Preferred strategy is to accumulate closer to support at $57.07.

Goldman Sachs Group, Inc. (NYSE:GS) – $94.33 slipped 0.3% after Wells Fargo downgraded the stock from Outperform to Market Perform. The stock has a negative technical profile. Intermediate trend is down. Support is at $83.95 and resistance is at $117.61. The stock trades below its 50 and 200 day moving averages. Strength relative to the S&P 500 Index has been negative since the end of July. Seasonal influences are negative in January. Short term momentum indicators are overbought. Better opportunities exist elsewhere.

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