Sunday Night Update

Posted by downtowntrader | 9/24/2006 10:39:00 PM | 0 comments »

The indices remained over their 20 and 50 smas after some profit taking last week, and the question is, will they push to new highs or roll over. With quarter end and month end taking place this week, a case could be made for a bull window dressing run. Here is an hourly chart of the Q's.

Possibly a double bottom on the lower Bollinger Band. It might be time to pick up some tech's for a quick trade.

Here is CTXS which broke through string resistance last week. It may need another day or two of consolidation, but it is looking a lot more bullish then last week.
DIOD has had a nice run and may pull back and test the gap for support. If semiconductors show strength, then DIOD may clear the recent high.
I pointed out some strenth in GYMB a couple weeks ago, and they have just flat out taken off. That is a nice gap over resistance, and those usually tend to be breakaway gaps.
HWCC is a recent IPO that may be turning up.
IBCA was on last weeks list and not much happened with it. It still looks bullish to me though.
I'm not sure if I have the guts to trade it, but I will be watching. The volume on the last day may be a hint of an upside breakout.
TAM has been finding support at the 20sma and formed a hammer on it Friday.
The bears are running out of steam on ODFL, so it may make an interesting trade with a relatively painless stop area.
CYMI is one of the better looking short setups I found. Although it cleared the downtrendline, it looks like it is failing to clear the 200sma and may be rolling over.

I didn't find too many charts tonight, so let's see if the coming days give us some clear direction.

I added another post to my photo / art blog for anyone interested.

Good Luck,