Thursday Update

Posted by downtowntrader | 2/23/2006 10:41:00 PM | 0 comments »

I will be taking a much needed day off tomorrow, so this update will be light. Todays late day reversal showed some weakness in this little rally attempt and at this point it's best to tread lightly until we have a direction. Here are some of my index charts.

SOX looks pretty weak, but has strong support below. Notice how it bumped against the previous support trendline.
DJIA is sandwiched between two trendlines.
Here is my NAS chart with the appropriate trendlines.
Here is my nas chart with fans. I wish would add fib fans to it's charts. Notice that we may drift down to the fan line.
Looking back at my post last night, we had a few that worked out pretty well. NBIX is one that looks like a solid breakout.
ABAX looks like it is headed higher here.
INFA has refused to go down lately after making IBD 100 for second time. They hit a 52 week high today and I wouldn't be surprised with another 52 week high tomorrow.
MRVL reported earnings after hours today, and the action was wild. They dropped to 59.59 initially and reversed to hit as high as 67.25. They ended at 66.20. Looking at my chart below the descending trendline is near 66.50ish. My guess is that it will open near there but where it goes from there remains to be seen.

Good Luck,