The trend remains up for now

Posted by downtowntrader | 5/02/2006 10:03:00 PM | 0 comments »

So we are mostly back to where we were yesterday before the Bernake misunderstanding drop. While we have deteriorating technicals we must respect that the indices are mostly at or near significant highs. The one thing that keeps puzzling me is how the Nasdaq is staying out of synch with the SP500 and DJIA. The Nasdaq was pathetic today while SP500 had a decent day.

Here is a chart of the SP500 showing a possible triangle (shown in red). A break higher would surely squeeze some early bears.
Here is a chart of SINA which I picked up for the Squawk portfolio today on a trade ideas alert. This stock can really move and I wouldn't be surprised wit a run over 30 in the next couple days.
TDW is another Squawk pick off a trade ideas alert. Looks like a cup and handle breakout although it is not rounded.
PDE looks like a deep cup and handle breakout and was another addition to the squawk portfolio.
NBL looks like it is clearing a huge ascending triangle much like the TGE chart I highlighted recently.
After UBB's move today I decided to check out BBD. Looks like it might head up to test the 52 week high.

Good Luck,