Goog got the blame...

Posted by downtowntrader | 2/28/2006 08:37:00 PM | 0 comments »

GOOG got the blame for todays reversal, but the light volume leading up to the breakout hinted that the Nasdaq wasn't ready to run. Semi's haven't led this move and Nasdaq will go no where without semiconductors. SOX and SMH are still below resistance. I don't think the nail has been driven in the coffin yet but it looks like we have fallen back in to the wedge.
You need to believe in your trendlines. Look at how BOOM has respected the trendlines that have been drawn well in advance. Watch for BOOM's next move.
DRQ looks like it may head lower. Watch for support on recent pivot low, but if it fails, DRQ may head to 200 sma.
Watch BHP here to see how it handles the current channels.
I was looking at GEOI as a possible long, but it's looking kinda shaky.

CTXS showed good relative strength today.
JCOM may not even make it back to top of channel.
PLAY is suffering with the rotten AAPL. Watch for a break of the last pivot low.

We are in a very choppy environment as I've mentioned a lot recently. I can't say for certain which way we are headed the next few days, but I can say that this is not the time to be getting aggresive. Good Trading,