Strong Day for the Dow

Posted by downtowntrader | 10/23/2006 09:26:00 PM | 0 comments »

The Dow had a strong move today pushing to fresh all time highs. The SP500 and Nasdaq had decent moves although Big Caps were stronger. One interesting thing to note was how weak the Russell was. Although it closed green, it didn't even clear Fridays high. Keep an eye on that divergence as it could show declining optimism in the rally.

Hansen Natural Corp. (Public, NASDAQ:HANS)
HANS is up against the downtrendline and formed a hammer today near support. Watch tomorrow to see if it attempts a breakout or if it fails.

Orbital Sciences Corp. (Public, NYSE:ORB)
ORB bounced off the rising trendline today and may be headed up to test for a triangle breakout.
Charming Shoppes, Inc. (Public, NASDAQ:CHRS)
CHRS is trading a very tight range and is just pennies from a 52 week high.
Diodes Incorporated (Public, NASDAQ:DIOD)
DIOD is holding near a trendline and if semiconductors catch a bid, then they may clear this broadening wedge type consolidation.

Infosys Technologies Limited (ADR) (Public, NASDAQ:INFY)
INFY has had quite a little trend here and may be bouncing off the 20sma. This is one of those "trend is your friend" trades.

Philadelphia Consolidated Holding Corp. (Public, NASDAQ:PHLY)
Another "trend is your friend" trades here with PHLY. PHLY may find support here at the 20sma visiting it for the first time since 8/28. It may end up finding it's way to the rising trendline over the next couple of weeks, but it may still provide a nice quick trade.

Ruth's Chris Steak House, Inc. (Public, NASDAQ:RUTH)
I opened a small position in RUTH today, but decided to post it tonight as it still looks decent for an entry, particularly if it can clear the neckline of the reverse head and shoulders base.

Good Luck,