Macy's Parades to a New High, While Cisco Is Cautious

NEW YORK ( TheStreet) -- Earnings volatility continued last week as six of the stocks previewed here last Monday in Cisco, Wal-Mart and Macy's Lead This Week's Earnings Parade moved higher by 1.6% to 10.6% as Macy's ( M) led the parade of winners. To the downside four lost between 1.3% and 8.4% as Cisco Systems ( CSCO) networked to the earnings woodshed as the biggest loser.

Fundamentally the percentage of overvalued stocks reached a 2013 high at 85.4% with 55.4% overvalued by 20% or more.

Technically all five major averages have positive but overbought weekly chart profiles. On Friday the Dow Industrial Average, S&P 500 and Dow transports set new all-time intra-day highs at 15,962.98, 1798.22 and 7211.61 respectively. The Nasdaq set a new multi-year high at 3985.97. The Russell 2000 stayed below its all-time intra-day high at 1123.26 set on Oct. 30.

Reading the Table

OV/UN Valued: Stocks with a red number are undervalued by this percentage. Those with a black number are overvalued by that percentage according to ValuEngine.

VE Rating: A "1-engine" rating is a strong sell, a "2-engine" rating is a sell, a "3-engine" rating is a hold, a "4-engine" rating is a buy and a "5-engine" rating is a strong buy.

Last 12-Month Return (%): Stocks with a red number declined by that percentage over the last 12 months. Stocks with a black number increased by that percentage.

Forecast 1-Year Return: Stocks with a red number are projected to decline by that percentage over the next 12 months. Stocks with a black number in the table are projected to move higher by that percentage over the next 12 months.

Value Level: Price at which to enter a GTC limit order to buy on weakness. The letters mean; W-weekly, M-monthly, Q-quarterly, S-semiannual and A-annual.

Pivot: A level between a value level and risky level that should be a magnet during the time frame noted.

Risky Level: Price at which to enter a GTC limit order to sell on strength.

Applied Materials ( AMAT) ($17.52) beat EPS estimates by a penny earning 19 cents a share Thursday. The stock traded below its 50-day simple moving average Friday to a day's low at $17.11 then closed above the 50-day at $17.34. My quarterly value level is $16.46 with a monthly pivot at $18.00 vs. the stock's multi-year high at $18.18 set on Oct. 14. My weekly risky level is $19.50.

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