Happy Halloween

Posted by downtowntrader | 10/31/2006 09:55:00 PM | 0 comments »

The indices continued their pause today but have resisted falling apart. The indicators are falling from overbought readings and a top may be forming. There is still a pretty good chance we push higher though, even if it is short lived, so patience is key. Precious metals are overbought now, and are in need of a rest. It is looking like some energy stocks may be getting ready to move, so keep an eye on the sector. Here are a few charts to watch.

ALTR is looking like a pretty good value here as it tries to turn up.
ADBE formed a hammer at the 20sma and the rising trendline. If the nasdaq makes a run, ADBE should breakout to new highs.
ANDE looks like it started to break down here. Keep an eye on the 20sma for signs of support.
HP cleared the downtrend and is making the first pullback to the 20sma. It should make a higher pivot high if it turns up here.

Thats it for tonight.

Good Luck,