Another sideline day

Posted by downtowntrader | 5/16/2006 10:12:00 PM | 0 comments »

Today was another day best served by sitting out. Markets are oversold, but I'm not seeing too many charts that I like.

Here is a chart showing the SP500 breaking a minor trendline. We still have plenty of room to the downside here if weakness builds up.

GOL remains well positioned here mainting above the previous breakout.
FWLT looks like it may take back the trendline as support.
ASFI pulled back to test the gap as support and looks like it is holding it.

I was having a hard time finding decent looking charts for my trading style tonight, so I figure that if I have to look to hard something is not right. I will watch the few charts that I have turned up the past few days and take trade ideas setups for now. Trade ideas has given me a few decent shorts lately including aapl today.
Good Luck,