Sideways action

The markets came back off their lows today, although in a muted fashion. It still looks like there is more upside here, especially in tech related issues. I also think the selling in gold and silver isn't complete yet, however, I don't expect a major correction.

Here is a chart of the gold contract. Thats a lot of volatility to end up in the same spot as four days ago. There are a lot of conflicting forces at work here with the dollar falling, Japanese market possibly pulling back, commodities being overbought, and global inflation a real threat.
Here is a post from last Thursday caling a possible bottom in CMED. Today's strong move signals that the bottom is probably in. I expected a move to at least the 32.8% retrace and that is looking almost certain.
BOOM continues to chug along this rising channel and has succesfully broken out of the larger Blue consolidation base. The target for breaking out of the larger consolidation is near 50.
TGE broke out of a huge triangle on after reporting stellar earnings. Volume was strong today signaling that this move should hold.
IIP got the bounce off the trendline I was expecting and is attempting to test it's 52 week high. It may resolve into a triangle at that point or just clear the whole pattern altogether.
NFLX broke out a very nice triangle last week and reported earnings tonight that had the stock trading higher about 5% higher after hours. The target for this breakout is near 38-40.

Thats it for tonight. Good Luck,

DT