Strong Day for Bulls

Posted by downtowntrader | 6/29/2006 09:40:00 PM | 2 comments »

I'm having all sorts of dsl problems today so I'll keep it short. Today may of been the confirmation of the rally I've been expecting. I think we need to keep things in perspective because days like this tend to get the majority of people too excited. The major indices are all still weak with Nasdaq still below 200sma. That being said, today was a very positive day and if tomorrow holds up it would keep the sp500 monthly macd in positive territory avoiding a major sell signal.

Here are some good looking charts.

CELG tested the breakout area and had a nice move today.
ADM looks like it will hold this line as support.
ADS may be breaking out here.
CLDN tested it's breakout and may be off to the races.
EYE came back strong the past two days and looks good here.
KSS looks like it will finally clear resistance here.
NTES tested support after breaking out of this channel and had a solid move late today.

Be patient and keep in mind that there are a lot of stocks that look pretty good right now. Be selective and don't chase. If this is the beginning of a multi week rally then there will be plenty of chances to get on board.
Good Luck,


DT

2 comments

  1. jwu // 8:25 PM  

    wow.
    nice charts as usual. im watching ADS as well

  2. downtowntrader // 8:47 PM  

    Thanks Johns.

    DT