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YHOO taking out the shorts the past few days....interesting that the market is setting up in a similar long term base.
http://stockcharts.com/def/servlet/SC.web?c=yhoo,uu[w,a]dhcayiay[d20040502,20051231][pb50!b200!f][vc...
AJ great chart work....looks like BRCM is going to test your 48 pivot tomorrow. Don't be surprised if it clears.
http://stockcharts.com/def/servlet/SC.web?c=brcm,uu[w,a]dhcayiay[d20050307,20051207][pb50!b200!f][vc...
DIOD looks ready for liftoff...
http://stockcharts.com/def/servlet/SC.web?c=diod,uu[w,a]dhcayiay[d20050307,20051207][pb50!b200!f][vc...
Some nice bases setting up here...
http://stockcharts.com/def/servlet/SC.web?c=ocr,uu[w,a]dhcayiay[d20050307,20051207][pb50!b200!f][vc6...
SNDK hammering off a 5 month uptrendline...
http://stockcharts.com/def/servlet/SC.web?c=sndk,uu[w,a]dhcayiay[d20050307,20051207][pb50!b200!f][vc...
YHOO breaking to a 4+ year high on volume....pattern projects to $46 level....no overhead until $49ish on the 5 year.
http://stockcharts.com/def/servlet/SC.web?c=yhoo,uu[w,a]dhcayiay[d20040502,20051231][pb50!b200!f][vc...
BRCM remains in its base...
http://stockcharts.com/def/servlet/SC.web?c=brcm,uu[w,a]dhcayiay[d20050307,20051207][pb50!b200!f][vc...
Down about 20c ah....hardly a shock given they seem to warn most quarters.
Lots of trapped shorts in that bullish looking tight handle between the 50 day and the upper trendline. Looks ready.
http://stockcharts.com/def/servlet/SC.web?c=brcm,uu[w,a]dhcayiay[d20050307,20051207][pb50!b200!f][vc...
BRCM getting close to a major pivot here.
http://stockcharts.com/def/servlet/SC.web?c=brcm,uu[w,a]dhcayiay[d20050307,20051207][pb50!b200!f][vc...
Thanks...I've put in for some shares....lets see what type of allocation we get.
IBM breaking out of a nice base here...
http://stockcharts.com/def/servlet/SC.web?c=ibm,uu[w,a]dhcayiay[d20050307,20051207][pb50!b200!f][vc6...
Zeev the NDX broke out of its range to the upside this week to nearly 4 year highs. The Transports broke out of its range 2 weeks back and have not looked back.
http://stockcharts.com/def/servlet/SC.web?c=$ndx,uu[w,a]dhcayiay[dd][pb50!b200!b20!f][vc60][iub14!la...
http://stockcharts.com/def/servlet/SC.web?c=$tran,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][iub14!la12,...
RCP agreed....between 53.50 and 72 there is virtually no overhead in that band going back to a 5 year chart. Here is a view of the Weekly...
http://stockcharts.com/def/servlet/SC.web?c=brcm,uu[w,a]whcayiay[d20001007,20051207][pf][vc60][ila12...
BIIB cleared some resistance today and is not back into its gap...should be able to run from here.
http://stockcharts.com/def/servlet/SC.web?c=biib,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][ila12,26,9][...
AJ agreed...SOX looks like a classic continuation h/s pattern in the making. Lots of breakouts in the group today.
http://stockcharts.com/def/servlet/SC.web?c=$sox,uu[w,a]dhcayiay[d20050307,20051207][pb50!b200!f][vc...
Dow clearing its 9 month downtrendline and triangle breakout...pattern projection is about 1k points.
http://stockcharts.com/def/servlet/SC.web?c=$indu,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][iub14!la12,...
NDX breaking out to multi year highs here...
http://stockcharts.com/def/servlet/SC.web?c=$NDX,uu[w,a]dhcayiay[d20011110,20051110][pb50!b200!f][vc...
Nice meltup in BRCM Jerry....SOX clearing the 50 day here.
Continuation h/s likely to setup.
http://stockcharts.com/def/servlet/SC.web?c=$sox,uu[w,a]dhcayiay[d20050307,20051207][pb50!b200!f][vc...
How about checking out LRCX SLAB CYMI MRVL DIOD KLAC INTC NETL TXN etc...one could view the hammer off 3 year uptrend support as bullish 2 weeks back. Selected semi's continue to perform well.
Alot of tight patterns setting up here...
http://stockcharts.com/def/servlet/SC.web?c=diod,uu[w,a]dhcayiay[d20050307,20051207][pb50!b200!f][vc...
http://stockcharts.com/def/servlet/SC.web?c=mcrs,uu[w,a]dhcayiay[d20050307,20051207][pb50!b200!f][vc...
http://stockcharts.com/def/servlet/SC.web?c=dade,uu[w,a]dhcayiay[d20050307,20051207][pb50!b200!f][vc...
http://stockcharts.com/def/servlet/SC.web?c=ups,uu[w,a]dhcayiay[d20050307,20051207][pb50!b200!f][vc6...
Dow getting tight here...10,600 looks like a significant pivot...
http://stockcharts.com/def/servlet/SC.web?c=$indu,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][iub14!la12,...
AJ gains very sticky today which is nice to see. Most of the stocks I track are flagging out here rather than giving back recent gains. Our continuation h/s patterns are taking nice shape here. I expect you'll do well big picture even if we get a dip to form a right shoulder in some of our patterns.
Tea some nice looking rising wedge patterns on the 5/15 min OEX and INDU here....went short on the a.m. bounce.
Here's the OSX wedge...
http://stockcharts.com/def/servlet/SC.web?c=$oex,uu[w,a]ihcayiay[d10][pf][vc60][iub14!la12,26,9][J62...
Market_Watcher...I am actually hoping we get one more push down in the short term to form right shoulders on the daily charts in the week or so ahead. The MID cap and NDX are at significant resistance here and could use that dip here before taking on resistance over the next couple of weeks. Many charts are setting up in nice continuation h/s patterns here but are in need of one more dip to form their right side shoulders.
Newly Stockcharts shows the difference as 40.29 versus 40.14 not enough to justify any significance given the timeframe. I really dont view that as statistically significant.
Transports look headed to the 4250-4300 area over time based on the width of its base...
http://stockcharts.com/def/servlet/SC.web?c=$tran,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][iub14!la12,...
AJ I take the widest part of the triangle which is $40.29 less $32.04 which leaves you $8ish which added to the $40.29 pivot gives you a $48 pattern objective.
>>>>There's a negative divergence on the MACD, though. Still, if that trendline gets taken out, there's no reason not to go long, with a stop at last week's high.>>>>
Hi Market Watcher...Ascending triangles ALWAYS form with negative divergence yet studies have shown that ascending triangles in uptrends break to the upside the majority of the time as they are considered "continuation of trend" patterns. Thus pattern is primary here. Thats not to say it cant break to the downside but I prefer to go with the odds on balance.
AJ nice candle this week on the QQQQ weekly thus far. Starting to get interesting here.
http://stockcharts.com/def/servlet/SC.web?c=qqqq,uu[w,a]whcayiay[df][pf][vc60][ila12,26,9][J62079958...
Here's that QCOM chart...nice island reversal into our potential continuation h/s pattern....still need a pullback to set that right shoulder after perhaps another point or so of upside.
http://stockcharts.com/def/servlet/SC.web?c=qcom,uu[w,a]dhcayiay[d20050307,20051207][pb50!b200!f][vc...
>>>QCOM definitely a pleasant surprise for the SOX...catching bottoms on INTC very profitable .>>>
Hi Marsh....QCOM looks like its going to form a continuation h/s pattern like many of the indices in time. Waiting for a reversal off the 45/46 recent highs area to position long around the 50 day or just above. Would post a chart but Stockcharts is under the weather today <g>
Woodfish....all time highs in the transports keep that pattern in question per upside/downside resolution. What better way to fool the masses than to break that wedge up and out to the upside???
Also shorter term some nice breakaway gaps over and above our 3 month downtrend lines on the Comp and NDX today. Volume solid as well on the move. I expect there are a lot of trapped shorts that entered on the 200 MA break/shakeout move two weeks ago. Many longs got shaken out and both the short covering and buying the dips should keep dips shallow in the weeks ahead....all JMO.
Jerry you betcha...
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]dhcayiay[dd][pb50!b200!b20!f][vc60][iub14!...
http://stockcharts.com/def/servlet/SC.web?c=$ndx,uu[w,a]dhcayiay[dd][pb50!b200!b20!f][vc60][iub14!la...
Pretty sure we head up in this triangle for another test of the highs around 2230 in time with plenty of pullbacks along the way...
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]whcayiay[df][pf][vc60][ila12,26,9][J487223...
AJ dont sweat it...as you can tell there are unfortunately a lot of frustrated traders out there that were on the wrong side of this move. The choppy conditions at the recent bottom washed out a lot of longs on the 200 day shakeout and drew in many unsuspecting shorts. Its one thing to be wrong but yet another to stay on the wrong side.
Burk stick around....I like both you and Tea...can't we all just get along???? Lets just try to keep the personal stuff to a minimum.
AJ agreed the MID and Small Cap charts look like perfect candidates for h/s continuation patterns here.
http://stockcharts.com/h-sc/ui?symbol=$MID&period=DAILY&years=0&months=8&days=0&...
AJ SP 500 has potential to be forming a continuation h/s pattern should we get a move to the 1230-45 area and then a sharp pullback to/around the 50 MA area to shakeout the final sellers. RSI is still only in the mid range here so we could see that final push higher.
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[w,a]dhcayiay[dd][pb50!b200!b20!f][vc60][iub14!la...
AJ thanks much I removed the play tonight....some very nice looking bases taking shape in the retail group.
http://stockcharts.com/def/servlet/SC.web?c=anf,uu[w,a]dhcayiay[d20050307,20051207][pb50!b200!f][vc6...
http://stockcharts.com/def/servlet/SC.web?c=chke,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][ila12,26,9][...
http://stockcharts.com/def/servlet/SC.web?c=coh,uu[w,a]dhcayiay[d20050307,20051207][pb50!b200!f][vc6...
The insurance group continues to outperform....PRU reported a blowout number tonight.
Tea good objective real time call....the SPX has failed at this trendline 6 times so shorting here with a reasonable stop above makes for a good risk/reward play. MACD diverging as well. I hedged some longs I've been carrying but will cover if we clear 2140 convincingly the next couple of days.
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[w,a]fhcayiay[d40][pf][vc60][ila12,26,9][j5503512...
2140 looks like a major line in the sand here....our downtrendline off our declining tops on the Nasdaq.
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]dhcayiay[dd][pb50!b200!b20!f][vc60][iub14!...
Jerry how about those transports....breakout today to all time highs!
http://stockcharts.com/def/servlet/SC.web?c=$tran,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][iub14!la12,...
AJ looks like we are at a critical juncture here on most indices. Here is a chart of the SP 500...you can see we broke to the downside and are now backtesting that broken trendline.
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[w,a]dhcayiay[dd][pb50!b200!b20!f][vc60][iub14!la...
That 1210-1215 area looks like resistance on the 60 minute.
blacktruck thanks for the chart....we're pretty much on the same wavelength here.
Tea here's another look at that bear flag pattern up close assuming thats what it is. Does have that potential on the daily...noticed we tagged our upper trendline today @ 1210ish and found plenty of willing sellers. Will be interesting to see how things sort out post Fed...
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[w,a]fhcayiay[d40][pf][vc60][ila12,26,9][J5503512...