Sunday Night Watchlist (Updated)

Posted by downtowntrader | 10/22/2006 11:12:00 PM | 0 comments »

I am feeling a little under the weather tonight so I will finish this post up tomorrow morning. I went ahead and published it anyways so that at least the charts would be up. In short, I'm mixed on the overall markets, but OIH looks like it may pull back here and retail was looking good. Both are correlated so it would make sense. I will add commentary by 10:00am tomorrow.

**Updated 10/23/2006**

Oil Service HOLDRs (ETF) (Public, AMEX:OIH)
The OIH ETF which tracks the oil services sector looks like it may pullback here at resistance. It has retraced up to the neckline of a head and shoulders top and may now be reversing.

Corrections Corp. of America (Public, NYSE:CXW)
CXW had a high volume hammer on Friday. Some of this volume may be options related, however, it's bullish that they closed well above the $60 strike which had the most open interest.

Ruth's Chris Steak House, Inc. (Public, NASDAQ:RUTH)
RUTH is close to breaking out of a reverse head and shoulders bottom. The right shoulder is a little H&S of its own.

Sprint Nextel Corporation (Public, NYSE:S)
S looks like it wants to challenge the downtrend line and possibly overcome it this time.

Starbucks Corporation (Public, NASDAQ:SBUX)
SBUX is tracing out a bull flag after breaking out a few sessions ago.

Costco Wholesale Corporation (Public, NASDAQ:COST)
COST cleared a reverse head and shoulders and is now in the process of retracing to support.

WellCare Health Plans, Inc. (Public, NYSE:WCG)
WCG may be ready to turn up and test the top of this little rectangle.

Varian Semiconductor (Public, NASDAQ:VSEA)
VSEA is at the bottom of this uptrend channel and may be turning here.

LifeCell Corporation (Public, NASDAQ:LIFC)
LIFC has managed to withstand a few bouts of selling as is near support again.

IntercontinentalExchange, Inc. (Public, NYSE:ICE)
ICE retraced to the breakout area and has been forming some narrow range candles. Watch it to see on which side of the candles it decides to go.

International Assets Holding Corporation (Public, NASDAQ:IAAC)
IAAC is forming a pretty steep triangle and should be close to some sort of strong move.

Carpenter Technology Corporation (Public, NYSE:CRS)
CRS cleared the downtrend and has already made a higher pivot high and low. It looks like it is close to making another push higher.

Most of these picks are assuming a bounce in the indices in the coming days. It is a little early to be thinking shorts, however, if the indices bounce higher and sell off on high volume again, then the chance of a topping pattern is higher.
Good Luck,