On Friday's PreMarket Prep show, guest Roberto Pedone was first asked about his general market outlook.
The expert said that, looking at most of the major indices, like the S&P or the Nasdaq or even the Dow, it “looks like we double bottomed.”
The indices “touched the previous lows in August here in October” and then “entered back into an uptrend.”
Now And Beyond
He continued, “Almost every one of those indexes are now trading back above their 50-day moving averages – which in the technical land is generally considered a bullish sign, although they are still below their 200-day moving averages.”
However, he added, “It looks like we are going to – at least in the short term – go up and test those 200-days in all of the major indexes in the U.S.”
Pedone's Watch List
The investor then mentioned a few names that are currently showing up on his radar, including small-cap C&J Energy Services, Ltd. CJES, which seems to be recuperating from a tough few months.Check out his complete comments in Benzinga’s PreMarket Prep show, embedded below.
Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.
Image Credit: Public Domain© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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