Consolidation day

Posted by downtowntrader | 5/08/2006 11:46:00 PM | 0 comments »

We had a consolidation today and will probably have more of the same with the Fed meeting coming on Wednesday. Here are a few charts to watch.

I added MAN to the squawk portfolio . Although it is pretty extended, the bull flag breakout can lead to some powerful moves.

FWLT looks like it will get a regular Cramer pump and appears to have broken the pullback base.
ICE looks like it is breaking a nice triangle base here.
I'm still watching MFLX for a breakout. They are still holding above previous resistance.
MLR had a nice breakout today.
PCU is breaking out of a tight little triangle. While I think copper is extended, you can't fight the trend.
I'm watching TRAD to see if it can clear the descending trendline.
TZOO looks like it is consolidating between these two trendlines. If you pull up a long term chart you can see that these two areas have had importance before.

Thats it for tonight.
Good Luck,