I will be taking a much needed day off tomorrow, so this update will be light. Todays late day reversal showed some weakness in this little rally attempt and at this point it's best to tread lightly until we have a direction. Here are some of my index charts.

SOX looks pretty weak, but has strong support below. Notice how it bumped against the previous support trendline.
DJIA is sandwiched between two trendlines.
Here is my NAS chart with the appropriate trendlines.
Here is my nas chart with fans. I wish stockcharts.com would add fib fans to it's charts. Notice that we may drift down to the fan line.
Looking back at my post last night, we had a few that worked out pretty well. NBIX is one that looks like a solid breakout.
ABAX looks like it is headed higher here.
INFA has refused to go down lately after making IBD 100 for second time. They hit a 52 week high today and I wouldn't be surprised with another 52 week high tomorrow.
MRVL reported earnings after hours today, and the action was wild. They dropped to 59.59 initially and reversed to hit as high as 67.25. They ended at 66.20. Looking at my chart below the descending trendline is near 66.50ish. My guess is that it will open near there but where it goes from there remains to be seen.

Good Luck,

DT

We had a nice move today in all the major indices. I debated last night as I posted all long charts with indices looking like they were gonna reverse, but the simple truth is, it didn't feel like the right time to initiate a bunch of shorts. We now have most indices poised to breakout, but trade very cautiously as this move has not been strong either. Keep an eye on Nasdaq tomorrow as banks and transports will get no where in the long run without the tech's.

Here are a few quick charts.

I don't like the possible trendline resistance on CHE but clearly broke out on higher volume.
WSO cleared resistance, but on very light volume. MACD looks like it may cross.
CHRW cleared all the noise and looks ready to extend it's gains.
NBIX cleared resistance and RSI back up.
MNST looks ready to challenge for a breakout.
If techs breakout then FFIV should follow suit.
OXPS is inching up.
ZIGO looks like it may test a breakout here.
Congrats to those who played JOYG today after I called for a 52 week high. We got the high, but closed a little weak. Still looks like a healthy move. Here is an updated chart.
Good Luck,

DT

It looks like JOYG will hit a new 52 week high today. I think the next intraday pullback can be bought aggresively. Also, MNST looks like it is moving out of it's consolidation base for a retest of 52 week high. Please do your own DD and good luck.

DT

Here are my updated charts on gold and silver. I'm using my GLD etf chart here.

Looks like support held at the 50sma and trendline. Gold stocks have been drifting up. My favored play is GG right now. I also have been holding TRE for this last leg up.
Here is the silver index. I've like silver more then gold this year and silver stocks have been looking good lately. Take a look at SLW, SVM.TO, and PAAS for silver plays. I also like PAL as a metals play.

Good Luck and be sure to see my regular post below.

DT

Mixed day today as indices were down on lower volume with market internals more neutral then bearish. I'm not shorting much as I wait for this move to play itself out. OIH is up against resistance but hasn't broken back down yet. Tech is also weak lately, but may be due a technical bounce. Congrats to those playing ADAM and COGO. Look for possible follow through tomorrow.

CMCO looks good as it breaks to new highs.
ASFI is building momentum as it breaks resistance.
GVHR has been building this base for a long time. Just poked it's head through resistance.
DIET pulled back on lower volume, but real story is NTRI earnings. DIET was moving higher after NTRI started running on earnings release.
I've mentioned TALX possibly bottoming out on a few occasions, and it looks like they are confirming support.
SLB looks like a decent energy play as they are not tied directly to oil prices. They provide information systems services to the oil industry.
Looks like CLB had a bunch of people waiting for a pull back.
SAY is testing support here.
SOX looks like it broke the rising trendline here. Support is nearby, but the break of the trendline can't be good.
SMH looks like it is forming a possible head and shoulders. This one also has more support nearby.
MRVL is coming up to support as well. If support fails, it could make a nice short. If it holds, well, then it's a nice entry for longer term traders.
AMD looks very strong compared to the rest of the semiconductors. If we get any kind of bounce in semi's, they will lead the way higher.

Good Luck,

DT

Keep an eye on COGO (a stock I mentioned last week) today. Looks like it is breaking out to new highs on a news release. If they manage to close over 15 any time soon they will probably debut pretty high on the IBD 100. Obviously, still a long way to go. They are at 10.30 as of this post, but the chart is delayed.

Interesting enough, I'm not finding that many solid shorts. I expected to find a lot in Oil sector but a lot of them look like they will be good shorts by the middle to end of week. I have a lot of charts tonight so let's get to it.

NBIX looks real nice if you dig deeper and look at the 15 minute chart over the last few days.
ADAM had a breakout with great volume. I would expect a follow through.
BBD has a very nice looking daily chart. Could come back and test the line where it would be a solid buy.
Need to clear recent highs before I would take BLKB.
CONN looks more like a short to me at this point, but I would be watching the support nearby.

ENDP is another one that looks like a short to me although it has had a decent move to reclaim the 50 SMA. Watch for a failure to hold the horizontal trendline.
GEOI is in the wrong sector right now, but chart looks pretty good. If GEOI ever makes it over $15 it will probably make the IBD100. As a side note, IBD has purged a bunch of oil service stocks from the IBD 100. Something to think about.
I've seen a few sites calling for an IBM short, but it look more like a wait and see to me. It can roll over for sure, but RSI downtrend is broken and there is a MACD divergence on the recent low. Also, 200SMA has actually turned up. If 200 falls, then it should test lower wedge trendline. But if upper wedge is broken, then we may have a bottom put in.
IHS look interesting. Sitting at bottom of channel with plenty of upside here.
INFA made the IBD 100 and also had a positive article on Barrons. Chart looks good and could be on it's way to 20's.
IRM may hold steady for a few days, but keep an eye on it.
KLIC may come back to rising trendline, but watch it for a break of the upper trendline.
Nice triangle forming on MIDD. I would wait for a clear break on volume though.
OXPS is also looking interesting lately.
PTRY never recovered from the open Friday, but looks like it may hold double trendline support here.
PWAV had a nice move Friday and may follow through.
STX looks good here.
Thanks to traderjamie over at Wall St. Warrior for TRID. Nice breakout here.
Another Latin Bank here. UBB has an upper trendline to deal with, but overall looks healthy.
VAR has been consolidating in a very tight range and could break out any day.
Also, I try not to repeat the same stocks too often, so try to read back once in a while as some of the ones I post move a few days later. ARBA, DIET, and HANS are recent examples that still look decent.
Good Luck,

DT