Sloppy Day

Posted by downtowntrader | 4/20/2006 08:42:00 PM | 0 comments »

These are the kind of days where you should really just shut it down and go do something outside. Not much to say other then the pullback was very light and didn't break any support. Tomorrow is expirations day and as such I won't be actively trading. I am posting just a few charts tonight.

SHFL is what I took for the Squawk Box contest today and I did initiate a position as well. Had a new high close on the year today and may take out the high tomorrow.

Is there a case for CMED bottoming out here? Cmed broke out of the downtrend a few weeks ago and has been riding down the topside of the trendline since then. Yesterday it had a narrow range bar after a high volume "almost hammer", then today it broke higher, although on weak volume. If it is the bottom then I would expect a 38.2% retrace to 30's.
Here is the weekly chart showing possible support where it is getting the bounce.
A reader requested CKCM so I am posting my yearly chart for it. CKCM is pretty close to the lower end of a huge triangle. It had a failed breakout earlier this year and could make another run at it at some point. I don't play earnings so at this point it looks to me like the safest play is to wait for something to develop.

Good Luck and have a good weekend,