Decent Close

Posted by downtowntrader | 8/24/2006 09:47:00 PM | 0 comments »

The markets had a decent close after showing some weakness during the morning. If the markets can follow through then it would pave the way for the next leg up of this rally. It looks like tech is the place to be if the markets will rally as Basic Materials and Energy have been looking weak.

Here is a chart of copper. It has retraced up after breaking out of a triangle and it looks like Slow Stochastics will cross back over to the negative.
Here is an updated chart of gold. Everyone is bearish on the dollar so it would only make sense if it went higher ;) . Notice the gold/dollar ratio indicator towards the bottom of the chart. It is close to breaking a trendline. As always, you can click on the chart to make it larger.
AKAM has been consolidating the recent breakout and may be ready to start moving back up.
FLSH was strong today reversing yesterdays losses with an outside day. This stock just hit a 52 week high and may follow through tomorrow.

SVNT is a smaller stock that looks like it has broken an ascending triangle. Volume is increasing which is bullish.
QCOM had an inside day which partly negates yesterdays reversal. This stock has been beaten down and may incite a short squeeze if it can clear this little flag consolidation.

Good Luck,