The markets continued their march today. Bears are frustrated, and there is no doubt that short covering is fueling a big chunk of this rally. Here are a few more charts I've added to my watchlist.
Corrections Corp. of America (Public, NYSE:CXW)
CXW looks like it is starting to make the turn higher.
RELM Wireless Corporation (Public, AMEX:RWC)
RWC pulled further back from the last time I recommended them, now looking to find support on the bollinger band.
Nice Systems Ltd. (ADR) (Public, NASDAQ:NICE)
Nice is pulling back off the breakout in a nice pennant.
Hologic, Inc. (Public, NASDAQ:HOLX)
HOLX may be getting ready to make a run at clearing resistance.
Technitrol, Inc. (Public, NYSE:TNL)
TNL is trading in a small triangle pattern that is usually a continuation pattern.
On a lighter note. I was happy about my 50 seconds in the moronland box game, until I saw ugly mention he got 80 seconds. Looks like I will have to skip trading tomorrow and try and get 80 seconds. At least I have evidence of my 50 seconds though ;)
Good Luck,
DT
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DT,
Do you feel RHAT is a good short candidate both technically and from a business point of view (ie what the ORCL move will do to them longer term). Such news and a P/S of 8 do not make any sense now.
Thanks,
Scott K
Hi,
just came across your blog. Am personally trading the ES (S&P emini) futures...Would be nice if we could link up our blogs. My blog is at http://futures-trading.blogspot.com
Cheers!
Scott,
From a technical perspective, I would stay away from shorting RHAT this low. They may make a decent short after they have retraced some of this move, but they are a little too extended for my taste. From a fundamental perspective, I would also be worried about them being acquired if the drop too much from these levels. Hope this helps.
DT