Nasdaq and Gold Breakout

Posted by downtowntrader | 3/29/2006 10:52:00 PM | 1 comments »

Nasdaq had a strong move today and semis actually participated. It remains to be seen if we will get follow through. Dow showed weakness today and it's funny how the indices appear to have swapped places. GOOG filed to sell 5 million more shares and was hit again after hours. They then finalized the AOL deal, so it will be interesting to see how they impact the Nasdaq tomorrow. AAPL however closed strong and look like they will follow through a little.

Here is chart of Nasdaq. Nice move to 52 week high today on strong volume.
Russell has been leading again and while breakouts out of rising channels are not ideal, you can't argue with the strength here.
Silver has been strong and broke over the year long trading channel.
While silver has been outperforming gold, silver remains a overextended while gold has corrected enough to keep the trend sustainable. Here is a chart of gold breaking the downtrend channel.
GG just broke out of the triangle but still has some resistance to clear.
TRE is another interesting gold play.MACD is just crossing.
MDG just cleared a choppy triangle.
NG is another gold play.
Oil stocks are on the rebound and EGY looks like they are ready to bust out here.
FAST never gave up any of the bullish candle from a couple weeks ago.
NTAP cleared resistance today before pulling back a little. Sector has been hot lately.
CLDN is my only short chart for tonight. This looks shortable if it makes a lower low on the daily.
NSSC broke out on strong volume and tested support already.
SCHK is up to the rising trendline and should move one way or the other soon. I would guess higher.
NBIX has drifted back to breakout area. If they are gonna get support, it should be here.
TRID is pulling back to breakout area.
AAPL had a very strong move today on great volume. I would expect this to be the bottom, but it should get retested in the coming days. I would expect a push to near 50sma before it pulls back to test for support.
SBUX hit another 52 week high and looks to be giving another entry.

Good Luck,



  1. Anonymous // 2:53 AM  

    Could you comment on SMSI and its 2 yr chart, it looks like a healthy breakout and key buy pt. Thanks!

    Scott K