Mostly IBD 100 charts

Posted by downtowntrader | 4/16/2006 09:27:00 PM | 0 comments »

I have mostly IBD 100 charts tonight. I am mostly posting charts of stocks that are near a valid entry point with a decent risk to reward ratio. This is not the appropriate time to chase stocks and may not even be an appropriate time to enter swings to the long side. However, there is always a chance that the markets continue to go up and the only way to take advantage of it is to put some trades on that won't hurt you if they fail. I haven't entered any swing shorts of more then 2 days lately and probably won't until the indices break decisively below the 50 smas. I have been using trade ideas for short setups which is why you haven't seen too many short charts lately. If anyone is really interested in the short setups, let me know and I will include more.

CLDN failed the breakout but has been declining on very light volume. Also, there has been strong support in the 24's illustrated by the long tails three days in a row.
CWTR has been trading a tight flag formation while the rest of the retailers have been pulling back. When the sector is ready, it looks like CWTR will lead.
FCFS has been a little sloppy, but remain close to a 52 week high.
GWR has held the breakout area and offers a pretty good risk reward setup here.
OVTI has come back to test support and has a lot of upside room left.
MFLX had a pretty steep loss followed by a weak bear pennant, however, it is very oversold and coming to support.
THO is coming back for a retest of the triangle breakout. Another solid risk/reward play.
WAB may come back to test the breakout and the target is near 39.
CHK is the first non IBD100 stock and doesn't really look like it's headed anywhere quick. BUT, it is worth watching as CHK has been consolidating a huge runup for the past 6 months and if natural gas finally gets a bounce, CHK will be a great ride.
Another triangle retest. MORN looks very solid here.
And another triangle retest. I'm sure everyone is getting the idea that I love ascending triangle bases.

That's it for tonight. I also posted five charts of my current holdings on my Squawk contest blog. Be sure to check them out.
Good Luck,

DT

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