Market Bounce

Posted by downtowntrader | 2/14/2006 09:35:00 PM | 0 comments »

I will keep it short since it's Valentines day. We got a nice bounce today and certain sectors look poised to follow through. Tomorrow may be volatile with Bernake deal, so I'm not sure I will enter any swings at all. There are several areas worth daytrading though. I am showing some ETF's to highlight possible sector plays.

First up is Retail Holders. Nice move today on the heels of the oil drop. OIH broke support and if oil keeps falling then retails will surely get a nice move. I like CHS, DBRN, BBY, and ANF here.

I'm showing HHH not because it's a good trade, but because Internets are severly oversold and the H's are at support. There may be some decent trades in YHOO, GOOG, AMZN, EBAY, etc.
Here is the Gold ETF. Pay close attention to everything in this chart. It appears that Gold is bouncing at support and although past action doesn't guarantee us anything, I have to respect the signals given in the past. I like GG, TRE, and NEM as gold plays.
As noted a couple nights ago, Basic Materials are getting their bounce.
Financials are close to breaking out.
Wireless plays may be getting a bounce as well.
PAL is a metal's play that looks tempting here.
I've seen stranger things happen then a stock follow up a steep channel.
TRCI may of broken out of a bull flag. Looks like today was a test of support. Watch for higher high.
QCOM may be the wireless play of choice. MOT also looks like it is getting a bounce.
PWAV looks like a possible daytrade opportunity.

Good Luck,