Bulls win today

Posted by downtowntrader | 9/05/2006 09:26:00 PM | 0 comments »

Bulls took over today and closed the markets strongly. The indices are getting quite overbought and may be in need of a breather. That doesn't mean they will take that breather though, so the best course of action is to adhere to your trading plan and be cautious about any new entries at this point. We had some decent moves in some of the charts I highlighted last night led by a strong move in BTJ. I am adding a few charts tonight, but keep an eye on the ones mentioned last night as well.

OIH is either ready to break this trendline or ready to offer another short entry. It's best to wait for confirmation at this point.
INFA has been getting support in the mid to low 14's as shown by the tails on the last three candles. There is still plenty of room left to the upside here as well.
ODFL looks like it may resume the downtrend here.
BWNG may offer a scalp play tomorrow if it follows through on todays move.
NTRI had a strong day and is still possibly forming a reverse head and shoulders here.
My buddy Dave called TIE a couple days ago and unfortunately I let it go. It looks like a bottom may be in here.
IIIN is in a similar sector and may be close to breaking out as well.

Good Luck,