Houston, do we have lift off?

Posted by downtowntrader | 4/19/2006 09:00:00 PM | 1 comments »

While some are waiting for confirmation from the Nasdaq and Dow, Russell confirmed this rally today. Russell is the leading index and they made multi year highs today. The Nasdaq closed near a new high as well. The next two days may get tricky with options expiration on Friday, but it appears that the path of least resistance remains up. Things were mixed in the after hours session today as AAPL and CTXS were up but EBAY and RMBS were down.

In looking at the Nasdaq chart a couple nights ago, I came up with a target of 2475.9 based on a triangle breakout. This would take it to the upper trendline on my chart. If this breakout holds, I expect semiconductors to lead the way. Chips are looking much like Energy stocks did a month and a half ago.

Here is a weekly chart of the Russell. Notice it broke out of the rising wedge and successfully tested the breakout area.
Here is a chart if the $sox. I expect a test of the trendline and then maybe some consolidation. But bottom line is that if Nasdaq rallies then Sox will make a new high.
NSM is a semi with my favorite pattern. Nice volume on the break of the triangle.
TRID stopped short of a breakout, but it was a strong move from the bottom of the triangle.
NFLX looks like they are breaking out of a very large triangle. If it follows through it could be an explosive move.
AKAM looks like they will make a new 52 week high here. Volume came on today after declining during the consolidation.

Thats it for tonight as I already have tons of charts I am watching this week.
Good Luck,



  1. Anonymous // 1:26 AM  

    Dear DTT,

    Speaking of lift off potentially, could you do a chart on CKCM. Thanks!

    Scott K