Tuesday Update

Posted by downtowntrader | 2/07/2006 10:24:00 PM | 0 comments »

I was out all day so I didn't get a good feel for how weak the market was today, but do see a lot of technical damage on most indices and etf's. Markets a getting oversold, and we may get a bounce as soon as tomorow. Looks like people were happy with CSCO earnings and they were up AH. A quick look showed a lot tech's up in sympathy, so we should at least get a strong opening on the nasdaq. I will be looking to BRCM, FFIV, and MRVL for day trade opportunities tomorrow. Here are some other charts that may be interesting tomorrow.

MNST has been holding a lot of the breakout gains, and although I expected a further pullback, we may not get it.
FFIV may get a boost from CSCO.
OXPS got a Cramer pump last night and was trading over 30. I will wait for a pullback tomorrow and see if an opportunity for a trade arises.
MRVL was at 68 AH. They are sitting on support and about to meet a rising trendline.
CTXS has pulled back to near the ascending trendline. They were profiled on Wednesday's IBD.

Keep in mind that the indices are damaged right now. If you get a good move in your favor, it wouldn't hurt to take some off the table. We are not breaking all resistance overnight, so you will get opportunities to get back in if a stock shows continued strength.
Good Luck,