Short on time again, so I'm just posting the charts. Here are my IIP charts. Short story is they fell with the internet crash from 111 to .12 cents. They have been trading sideways for some time, and it looks like there is building interest in them. I am personally familiar with some of their products, and I like them. Not sure if it will translate to stock performance but the chart is looking good.
Here is the weekly chart.


Monthly chart showing the big fall.

Here is the daily as of Friday.


As always, please do your own DD.

Good Luck,

DT

As I had mentioned a few days ago, I am testing out the trade-ideas real time scanner. I will post a more thorough review after I have used it longer and learn more of the in's and outs, but let me say that I love this product. Once you learn how to filter out the noise you can get some very high quality setups. While I have been using it primarily for daytrading ideas, I tried tweaking it tonight to scan for swing trade candidates (special thanks to Dan Mirkin at Trade-Ideas for helping me get started). The following four picks are some of the ones that turned up on the custom scan. If you're interested in Trade-Ideas sign up here for a free trial. Let them know downtowntrader sent you.

NETL was the first to turn up and after checking it out, it is number one in the electronic semiconductor manufacturing group over NVDA.ETN was another strong looking stock.
AMLN showed up on an intraday scan for me today and then turned back up on my scan tonight. Strong move today to clear resistance.
MVK was the last one and has been moving steadily since clearing the triangle base.
I wrote about PNRA a few times as it has bounced off the trendline. Took out the high today and had decent volume.
PVH has been pulling back in a pennant. Looks like they may bounce here.
AEM gapped over resistance today.
JOYG looks like they may finally bounce off the trendline. Watch for a break to either side.


Good Luck,

DT

Nasdaq had a strong move today and semis actually participated. It remains to be seen if we will get follow through. Dow showed weakness today and it's funny how the indices appear to have swapped places. GOOG filed to sell 5 million more shares and was hit again after hours. They then finalized the AOL deal, so it will be interesting to see how they impact the Nasdaq tomorrow. AAPL however closed strong and look like they will follow through a little.

Here is chart of Nasdaq. Nice move to 52 week high today on strong volume.
Russell has been leading again and while breakouts out of rising channels are not ideal, you can't argue with the strength here.
Silver has been strong and broke over the year long trading channel.
While silver has been outperforming gold, silver remains a overextended while gold has corrected enough to keep the trend sustainable. Here is a chart of gold breaking the downtrend channel.
GG just broke out of the triangle but still has some resistance to clear.
TRE is another interesting gold play.MACD is just crossing.
MDG just cleared a choppy triangle.
NG is another gold play.
Oil stocks are on the rebound and EGY looks like they are ready to bust out here.
FAST never gave up any of the bullish candle from a couple weeks ago.
NTAP cleared resistance today before pulling back a little. Sector has been hot lately.
CLDN is my only short chart for tonight. This looks shortable if it makes a lower low on the daily.
NSSC broke out on strong volume and tested support already.
SCHK is up to the rising trendline and should move one way or the other soon. I would guess higher.
NBIX has drifted back to breakout area. If they are gonna get support, it should be here.
TRID is pulling back to breakout area.
AAPL had a very strong move today on great volume. I would expect this to be the bottom, but it should get retested in the coming days. I would expect a push to near 50sma before it pulls back to test for support.
SBUX hit another 52 week high and looks to be giving another entry.

Good Luck,

DT

I wasn't around today, but it appears the markets didn't like what the Fed had to say. Most things pulled back but there was some pockets of strength out there. What will be interesting to see is that everyone expects a pullback now, so will the markets trap some bears and go up instead? I started off the night searching for shorts and was surprised to see strength where I least expected it..... home builders. Keep reading for charts.

Here is the DJIA daily chart. Cleary failed to hold support.
Russell held up and is still above support.
Same for Nasdaq who showed more strength then DJIA.
Gold looks like it may fail at the trendline, but it looks like it will pull back to near 20sma and then pop back up.
BBD has a nice head and shoulders forming with neckline shown in red.
Here is the first home builder chart. This chart still looks weak with trendline resistance still holding the stock down, however, todays news should of killed the home builders and DHI got some support late in the day.
Here is the LEN chart. Looks like a reverse head and shoulders to me. Failed to hold the neckline though.
Here is another reverse head and shoulders pattern, also still below the neckline for BZH.
CHK cleared the little triangle it as forming.
CCJ is a possible short setup. Looks like downtrend may be accelerating.
Watch FDG for another break of the previous trendline.
ISIL may be forming a bear flag.
LMS showed some strength today, but would be a short if it fails at this trendline.
PBR is testing the lower end of a base and is looking weak.
RIO has all sorts of resistance above.
UPL also has a little reverse head and shoulders here, not too unlike the one OIH just broke out of.

Good Luck tommorrow,

DT

I plan on taking most of tomorrow off from trading with FOMC meeting taking place. I will only manage my open positions. I find that most meeting days are lifeless in the morning followed by choppiness after the statement is released. I have noticed that the markets are acting like the rate hikes may be drawing down. Smallcaps and commodities would stand to gain the most from a stop to rate increases and they are outperfoming lately. Smallcaps thrive in low interest rate environments as they tend to borrow money to fund growth. Commodities benefit from a falling dollar and if the fed is done and Japan is starting rate increases, then the dollar will probably weaken some. It will be interesting to see what actually happens. Here are a few charts that are worth watching.

NOIZ has been getting strong support as seen by the long lower shadows and closes near upper range. May be ready to run up here.
GG bounced off the 50sma and has made it to a new closing high.
BOOM has yet to take out the rising trendline resistance but has managed to make consecutive higher pivot lows.
CMED may complete a double bottom here and just broke the falling trend channel.
MNST is gently easing to a support trendline.
NICH just cleared some resistance and is close to taking out all the tall wicks.

Thats it for tonight. Good Luck,

DT