Nice move today

Posted by downtowntrader | 2/22/2006 10:35:00 PM | 0 comments »

We had a nice move today in all the major indices. I debated last night as I posted all long charts with indices looking like they were gonna reverse, but the simple truth is, it didn't feel like the right time to initiate a bunch of shorts. We now have most indices poised to breakout, but trade very cautiously as this move has not been strong either. Keep an eye on Nasdaq tomorrow as banks and transports will get no where in the long run without the tech's.

Here are a few quick charts.

I don't like the possible trendline resistance on CHE but clearly broke out on higher volume.
WSO cleared resistance, but on very light volume. MACD looks like it may cross.
CHRW cleared all the noise and looks ready to extend it's gains.
NBIX cleared resistance and RSI back up.
MNST looks ready to challenge for a breakout.
If techs breakout then FFIV should follow suit.
OXPS is inching up.
ZIGO looks like it may test a breakout here.
Congrats to those who played JOYG today after I called for a 52 week high. We got the high, but closed a little weak. Still looks like a healthy move. Here is an updated chart.
Good Luck,