I had to leave early again today to attend a graduation, so I didn't see the markets finish. I do know that when I left things looked pretty bleak and when I got back tonight things were off their lows. It's hard to say what will happen, but I found it interesting that we had a high volume day today where normally volume would be muted. The fact that we closed stronger may be a hint that a near term bottom is in place, with the key word being near. Here are a few interesting charts I found.
TRN has some long tails here into support.
TGE looks like it may hold the trendline after breaking initial support.
OMC has shown some relative strength refusing to go down as the markets have tanked. Although todays move was not huge, it did make a new 52 week high on strong volume.
I meant to post LUK last night but somehow I missed uploading the chart. Either way, they look decent especially if they can clear yesterday's high.
PANL fell out of the near term channel but looks like it may bounce here at a previous breakout point.
SAFT closed it's gap and finished near the high of day. If I was short I would be nervous about it failing to breakdown.
RBC looks similar to some of the charts I have been seeing lately pulling back to it's previous breakout area.
FTC is another one pulling back to a breakout, although technically the breakout area was before the gap up.
I've been watching FMD tread along this triangle for a few weeks now. This looks like a decent area for early birds not wanting to wait for the triangle break.
Thats it for tonight.
Good Luck,
DT
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are you long or short first marblehead? thanks again, jim
Jim,
I am neither long nor short FMD. I have it on my watchlist to see how it handles support and this is one that could really go either way. My first guess would be that they bounce here to the top of the triangle.
As a side note, I rarely post for stocks I am already in, as the purpose of the blog is to highlight what I am watching for entries.
Good Luck,
DT