Bullish Charts

Posted by downtowntrader | 8/10/2006 08:33:00 PM | 0 comments »

The indices mostly just drifted up to resistance today. There are a couple of things that may offer some hope to the bulls. First, I've noticed more strength in the Nasdaq the past two days, and the Russell may of bounced off support today. With the Dollar rallying today oil and gold also pulled back which may calm inflation fears a little. While the overall picture remains bearish, I think I've posted enough bearish charts for the watchlist. I am adding a few more bullish charts tonight in case there are still legs here.

Big Pharma and Medical stocks look like they may be the favored "bear stocks" this time and AMGN has come back to retest a major breakout point. The first retest offers one of the safest entries into a stock breaking a downtrend.
MYOG also recently cleared a downtrend and is trading a flag type base. Watch for a move out of the flag.
NGPS has been solid this year and is forming a pennant into support.
ENS may be forming a continuation triangle here.
CXW has been narrowing it's trading range and may be ready for move.
I've had my eye on INFA looking for an entry and it looks like it may clear a cup and handle soon.
UACL is a member of the transports which have been one of the weakest groups overall. They had a bounce today and UACL didn't participate. That is bearish. Others in this sector worth watching are UTIW,CHRW,CLDN,and XPRSA.
ATI continues to look bearish.

This is once again a dangerous spot for the markets. Adhere to your stops and be patient.

Good Luck,