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Naz is now well into its "Thin Zone"....
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]dhcayiay[d20001007,20061231][pc50!c200!f][...
Burk thanks...a lot of shorts are getting taken out today. Stocks like AAPL/SNDK etc put in nice gaps up essentially trapping many shorts. Lets see if we can take out 2357. Nice call at the bottom.
Pretty good "Thin Zone" up to about the 540 area...nice chart.
SOX powering through the 50 EMA...
http://stockcharts.com/def/servlet/SC.web?c=$sox,uu[w,a]dhcayiay[d20050623,20061223][pc50!c200!f][vc...
Jim thanks....per the $NAAD all I can say is take a look at what happened back in early 2003 when we had similar divergences in place.
http://stockcharts.com/def/servlet/SC.web?c=$naad,uu[w,a]deulyiay[d20021002,20061202][pi][vc60][ila1...
As always time will tell the tale...
Dan I'd like to see the SOX clear its 50 MA on a closing basis. We shall see.
Marc no...in fact I suspect the opposite will occur although I wouldn't rule out a final flushout in the Semis very near term. See my prior post to Burk. Pretty thick support comes in between the 2300-25 area on the Nasdaq. Would look for that general area to contain dips.
Burk no I don't think we need that move. My scans show a very divergent picture. Many semis are in strong patterns with many in stealth breakouts such as SLAB NETL and NVDA yet others like KLAC NVLS-chip equiptment makers are acting poorly so much so that I wouldn't be surprised to see a warning come out of that group to provide some final flush/resolution to this move lower. No guarantee's for sure.
In general during a bullish trend I want to see 2 of the 3 following groups in bullish patterns or trends. Namely the Banks/Brokers, Transports, and the Semis...we have 2 of the 3 here and I suspect that the Semis will bottom out soon. Rather than money leaving the market I'm seeing continued rotation. Telecom, some Software and the Nets are acting well while the Semis remain in consolidation in Tech.
>>>Yep. This is the third breakout I've tried to buy only to see it fail>>>
Try buying the dips to the 10-20 MA's in uptrending stocks/indices and not the breakouts and see if your success rate increases.
Wilshire 5000 multi year closing highs printed today...
http://stockcharts.com/def/servlet/SC.web?c=$wlsh,uu[w,a]dhcayiay[d20050402,20061231][pc200!c50!f][v...
SP 500 looks like a bull flag forming back to support.
http://stockcharts.com/def/servlet/SC.web?c=$spx,uu[w,a]dhcayiay[dc][pb50!b200!b20!f][vc60][iub14!la...
PCLN breaking out of a 24 month base...
http://stockcharts.com/def/servlet/SC.web?c=pcln,uu[w,a]dhcayiay[df][pb50!b200!f][vc60][ila12,26,9][...
Nets continue to setup well here.
FLR setting up in a Continuation H/S Pattern...
http://stockcharts.com/def/servlet/SC.web?c=flr,uu[w,a]dhcayiay[d20050807,20061231][pb50!b200!f][vc6...
The integrated's look ready for a major move in the days ahead.
http://stockcharts.com/def/servlet/SC.web?c=$djusol,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][ila12,26,...
Telecom continues to ascend out of its major base...look for higher levels in the days ahead.
http://stockcharts.com/def/servlet/SC.web?c=$djuswc,uu[w,a]dhcayiay[dd][pf][vc60][iub14!la12,26,9!lp...
Jim wedge or channel...it looked more like a wedge but as this move gets drawn out it looks more like a channel. Either way one more push down in the semis would likely setup some bullish divergence in place and serve to washout weak longs/draw in shorts and we all know what that means. Very strong support on the SOX at the 475-85 level.
>>>Plexxus, why don't you include the main falling resistance line off the highs on that NAAD chart? A falling wedge break may turn back off that line initially.>>>
AJ the key highlight of that chart is the bullish divergence in place under those two price lows which imo makes the wedge bullish. When you connect those lows and the corresponding highs in place you get a bullish wedge. And sure enough its broken out to the upside. I suspect you'll see the NAAD improve quite significantly now that we've broken into our open channel.
http://stockcharts.com/def/servlet/SC.web?c=$naad,uu[w,a]deulyiay[d20021002,20060402][pi][vc60][ila1...
If the SMH clears about 37.50 look out above.
http://stockcharts.com/def/servlet/SC.web?c=smh,uu[w,a]dhcayiay[d20050807,20061231][pb50!b200!f][vc6...
Marsh had to love that inverse h/s setup on Friday for a long side play. CYMI is making the move here as well.
http://stockcharts.com/def/servlet/SC.web?c=brcm,uu[w,a]ehcayiay[d30][pc50!c200!f][vc60][iub14!la12,...
Nice expansion of volume today above the neckline.
http://stockcharts.com/def/servlet/SC.web?c=cymi,uu[w,a]dhcayiay[d20050615,20061231][pb50!b200!f][vc...
Keep an eye on PCLN for either a handle formation in its pattern or a volume move above key $25 resistance. Took on a starter position and looking to add per the above.
Also picked up some CACH around the 50 day today...nice long base in place. Stop just below the 200.
http://stockcharts.com/def/servlet/SC.web?c=cach,uu[w,a]dhcayiay[dd][pb50!b200!f][vc60][ila12,26,9][...
Thanks Jim...best of trades to you.
I like the setup here...thus part of my bias towards the Nasdaq stocks coupled with our open channel. Can't argue with the commodities though <g>
http://stockcharts.com/def/servlet/SC.web?c=$naad,uu[w,a]deulyiay[d20021002,20060402][pi][vc60][ila1...
Keith I like the way many of the key groups in the Nasdaq are setting up plus the fact that we are entering a long open price channel. Just not sure if the Semis will get one more push down before bottoming or if they head up from here. Many semis have already broken out of nice bases the past couple of weeks while a few languish.
Burk I believe in sticking with the primary trend and not trying to catch a top in a rising market which I've seen so many do or call over the past 2/3 years. The trend is your friend. I also tend to get a pretty good read on what sectors are under accumulation/distribution based on scans.
As always time will tell the tale.
Hi Jim....I still favor the small and mid caps but I'm seeing signs that the large caps may start to perform soon based on some of my recent scans.
Here are a couple of views of the Mid Cap Index which looks poised to play some catchup.
The Mid Cap Growth Index looks headed for the 2050 area.
http://stockcharts.com/def/servlet/SC.web?c=$djusgm,uu[w,a]dhcayiay[dc][pb50!b200!f][vc60][ila12,26,...
The 60 Minute Chart of the SP 400 Mid Cap Index has a bullish setup here as well.
http://stockcharts.com/def/servlet/SC.web?c=$mid,uu[w,a]ehcayiay[pf][vc60][ila12,26,9][J53972954,Y]&...
Most all Index Charts I track continue to remain upward trending.
Large open channel on the Nasdaq...I suspect the techs are going to lead for a while.
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]dhcayiay[d20000707,20061207][pc50!c200!f][...
euterpe1...
Agree on the OSX 220/5 objective based on its current pattern.
Per the Reit Index I have a 300 objective but we're getting close here.
VCLK in a nice looking wedge....bullish divergence under recent price lows.
http://stockcharts.com/def/servlet/SC.web?c=vclk,uu[w,a]dhcayiay[d20050807,20061231][pb50!b200!f][vc...
Hi Stkboy1...sorry I don't do EW but this type of setup in an uptrend tends to break to the upside more often than not. I'm with AJ in that we're likely to pull off the upper trendline and form some type of handle in the weeks ahead before making the move.
PCLN cup/handle or triangle depending on your timeframe.
http://stockcharts.com/def/servlet/SC.web?c=pcln,uu[w,a]dhcayiay[d20050807,20061231][pb50!b200!f][vc...
http://stockcharts.com/def/servlet/SC.web?c=pcln,uu[w,a]dhcayiay[df][pb50!b200!f][vc60][ila12,26,9][...
BRCM looks like its forming an inverse h/s pattern on the 60 Minute.
http://stockcharts.com/def/servlet/SC.web?c=BRCM,uu[w,a]ehcayiay[d30][pc50!c200!f][vc60][iUb14!La12,...
$80-85 oil headed our way? Major base taking shape...
http://stockcharts.com/def/servlet/SC.web?c=$wtic,uu[w,a]dhcayiay[dd][pf][vc60][ila12,26,9][j5309879...
AJ nice looking breakout on the Nasdaq today based on volume and breadth.
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]dhcayiay[d20050402,20061231][pc50!c200!f][...
Shorter term the last two price bars on the 60 Minute chart suggests hesitation at its rising resistance line.
http://stockcharts.com/def/servlet/SC.web?c=$compq,uu[w,a]ehcayiay[d30][pf][vc60][iub14!la12,26,9!lp...
Nice hammers in many techs including BRCM and AAPL today!
Hi Marsh
The secondary offering should provide yet another long side opportunity in the stock. Looks like an inverse h/s bottom is likely to form with this move lower after hours. Looking to position long somewhere around the top of its gap in the $360-365 area. The 50 MA could cap the downside.
Hope you held short through the close!
http://stockcharts.com/def/servlet/SC.web?c=goog,uu[w,a]dhcayiay[d20050607,20061231][pc50!c200!f][vc...
Robb
BKM HOLX sure looks like a leader in its sector. I've played it long a few times but missed the recent base breakout. I like the play.
LR there's your breakout on the Russell to all time highs. Continues to be a leadership group no matter what all the talking heads say.
http://stockcharts.com/def/servlet/SC.web?c=$rut,uu[w,a]dhcayiay[d20050102,20061231][pb50!b200!f][vc...
THI prices at $23.16...should be an interesting day tomorrow. Hope you are able to get shares pre market.