Today the major stock indexes are all under some pressure. The weakness in the market could be due to geopolitical fears in Europe and talk of financial reform by President Obama. In any case, there are still stocks that are making new 52 week highs.  However, there are a few new highs that are looking a bit extended and could be due for a pullback after the euphoria wears off.

Starbucks Corporation (NASDAQ:SBUX) is at a new 52 week high. The retail coffee chain reported better than expected earnings and is receiving a positive reaction by the markets today. The stock is trading higher by 1.56 today to 26.95. While the stock is very strong technically on the daily chart it will have daily resistance at the 27.75 level. Therefore, watch for a pullback in Starbucks Corp. around that level as the stock is now getting extended.

The Boeing Company (NYSE:BA) is another major stock that is hitting new 52 week highs today. This stock is a leading aerospace designer and manufacturer. The stock hit a new 52 week high today at 76.00 before pulling back slightly intra-day. Boeing Co. will have daily chart resistance around the 77.00 and more around 81.00. Watch for a pullback around these levels in the stock.

The next stock that is rallying to a new 52 week high is Netflix, Inc. (NASDAQ:NFLX) . This stock beat analyst expectations and is soaring above the 101.75 level today. This stock has daily chart resistance around this 102.00 level and more around 106.00. Therefore, a pullback could take place shortly as this stock gets extended on the daily chart.

While the major indexes are all negative (for the moment) today there are some stocks at new highs for the year. Always watch for stocks that are getting too extended and stretched on the daily charts as they could be close to a pullback.

Nicholas Santiago
Chief Market Strategist