IBD100 Charts

Posted by downtowntrader | 6/18/2006 08:43:00 PM | 0 comments »

Although I believe there is still money to be made going long this market, it appears that there will be some weakness the next few days. I am posting some IBD 100 charts both long and short. I will keep it brief tonight.

Watch Zolt to see if the drop below the trendline was a headfake or if it is headed lower.
UARM was highlighted last week and has made a nice move. I am watching to see how it handles resistance above.
Watch RMD here as it is threatening to break out of this pullback.
SHG looks like it is a decent risk reward short play here as it touches trendline resistance.
ODP is another that looks weak here. Watch to see if it fails at the 50sma.
ODFL is consolidating in a pennant type base and volume is building on the up days.
LIFC may of cleared the downtrend line on this pullback.
GFIG looks like it will fall here after breaking down severely over the past couple of weeks.
FORM has held withing a long rectangle base and may be ready to test the 52 week high.
FMD closed over long time resistance and although I was doubting the ability for it to hold, I must give it the benefit of the doubt here.
EXPD may be nearing some resistance so keep an eye on it to see how it handles it.
CME looks like it is clearing a consolidation pattern here, but volume was very weak.
CHRW broke out of a falling wedge but stopped at 50sma. It will probably come back and test the wedge breakout and give a better risk reward setup.
CELG is still hanging around the top of this triangle and may be just a few sessions away from making a move.
I really like BRLI's chart, however I want to watch it for a better entry. It would be nice if it pulled back gently about 2-3%.
ADM is another possible short. The ethanol stocks are losing some momentum and ADM broke the first important trendline.
Thats it for tonight.
Good Luck,