Sunday Night Update

Posted by downtowntrader | 1/08/2006 09:53:00 PM | 0 comments »

We had a nice week last week and might be a little extended. I am leery of initiating new positions, but I think there are two sectors that bear watching. Obviously Gold and metal-ores have been rocking, but Oil Services has been very strong lately too, and may continue rallying even if indices pull back or consolidate. Watch OIH if you are playing the Oil services plays. Also, while Gold has been getting the Pub, silver and copper are experiencing their own bullish breakouts.

Here are charts of silver and copper. Both have a shot at breaking to new highs.

Here is a silver play that has been performing well. Tried to fill gap and bulls didn't let it drop. That may be a clue that this run isn't over.
This may be ready to break an ascending triangle.
PCU tried to break out and pulled back. May attempt a breakout again if copper rallies.
This is one of the Oil service plays.
And another.
MTXX may be ready to resume breakout.
MNST may pull back and try and fill small gap.
BOOM broke and closed above recent resistance. They may come back and confirm support at 32's.
CMED had a bullish bounce off support last week, and got bordered on IBD this weekend. They may be able to break upper resistance line.
I am watching PRLS for a breakout over resistance line.
Good Luck and be careful of chasing stocks up. There is sure to be a reversal soon even if it only to consolidate recent gains.