The FBI took some terrorist suspects into custody here in Miami and the story is that they were plotting to blow up the FBI building here and possibly the Sears Tower. We now have two public terrorist raids in the span of a month with the Toronto raid and this one in my backyard. Makes you wonder if something is imminent and counter terrorists are trying to be proactive.
As for the markets, I should of taken the day off as they really didn't do much. Although the indices lost some ground, volume was low and most of the drop came early. We may of set a higher pivot low on the 60 minute nasdaq and sp500 in the early afternoon depending on tomorrow's action.
Here are a few new charts for tonight. Most of this weeks watchlist has been pretty good so lock in those profits.
PEIX may of set a bottom here.
BOOM was holding it's ground all day today and had a nice little move in the afternoon. I am highlighting my next target and possible resistance.
While I'm not a big fan of the broadening base breakout, BLS did clear the formation and is in the process of testing support.
Good Luck and stay safe,
DT
While today left many questions as to the potential strength of the current move, a definite clue has been given. The Nasdaq is taking the lead on the way up. This is a positive for bulls and ultimately, the Nasdaq and smallcaps would need to lead for any sort of sustainable rally to occur. I didn't like the weak close and that leaves the door open for some weakness tomorrow morning and possibly until Friday. Trade patiently as the indices worked their way up to their descending trendlines and could fail here. We've had some good moves in some of the charts I highlighted for this week so try to not let some of those profits slip away. Here are a few more interesting charts.
MWRK had a nice breakout today and while it's extended it deserves to be on the watchlist.
SIMC looks like it is putting in a low here and getting ready to challenge the previous peak.
RMD looks like it wants to clear the downtrend channel highlighted on Sunday night.
ODFL finally made it out of the wedge.
CHH looks like it will test the downtrendline tomorrow. Watch to see if volume comes in. That is the clue as to whether to buy or not.
CELG attempted to breakout today but couldn't follow through. If tomorrow is a solid day it should bust through. Be careful here though, as it is obviously having a hard time with this line.
BWP may follow through tomorrow.
BIDU has been holding gap support while consolidating the earnings breakout. It might be ready to follow through here.
ADS is back for a test of the upper trendline and it's do or die time as trendlines are converging.
ODP is looking like it will fail here. I am keying off the horizontal trendline which would complete a descending triangle continuation pattern.
Good Luck,
DT
My plan was to go through all my charts while watching the Heat Game but it is looking like it's not gonna happen ;) . I'll leave you with a couple of updated charts from monday's post.
XPRSA is looking like it wants to clear resistance. I am tightening my stop in case it is a failed breakout here.
CELG hasn't taken out resistance yet but I am still watching it. The chart pattern still looks constructive.
Good Luck,
DT
Here are two charts showing the recent downtrend slowing to the point were a more substantial rally attempt can occur. Picking bottoms or lows is very difficult, but with prudent stop losses the chance for good risk reward trades is good.
Here is the SPY 60 minute chart over the past 20 days. The ADX line is almost flat and there were some good diverences on RSI and MACD on the downtrend. SPY is oversold again and could get a bounce as soon as tomorrow afternoon. 
Here is the Nasdaq Composite chart showing similar action to SPY.
There were some nice shorts today including some of the ones I highlighted last night, but I am keeping my stops tight on both longs and shorts until we either make a higher low or take out the recent lows. I am also keeping a close eye on gold to see if it did capitulate last week.
Good Luck,
DT
Although I believe there is still money to be made going long this market, it appears that there will be some weakness the next few days. I am posting some IBD 100 charts both long and short. I will keep it brief tonight.
Watch Zolt to see if the drop below the trendline was a headfake or if it is headed lower.
UARM was highlighted last week and has made a nice move. I am watching to see how it handles resistance above.
Watch RMD here as it is threatening to break out of this pullback.
SHG looks like it is a decent risk reward short play here as it touches trendline resistance.
ODP is another that looks weak here. Watch to see if it fails at the 50sma.
ODFL is consolidating in a pennant type base and volume is building on the up days.
LIFC may of cleared the downtrend line on this pullback.
GFIG looks like it will fall here after breaking down severely over the past couple of weeks.
FORM has held withing a long rectangle base and may be ready to test the 52 week high.
FMD closed over long time resistance and although I was doubting the ability for it to hold, I must give it the benefit of the doubt here.
EXPD may be nearing some resistance so keep an eye on it to see how it handles it.
CME looks like it is clearing a consolidation pattern here, but volume was very weak.
CHRW broke out of a falling wedge but stopped at 50sma. It will probably come back and test the wedge breakout and give a better risk reward setup.
CELG is still hanging around the top of this triangle and may be just a few sessions away from making a move.
I really like BRLI's chart, however I want to watch it for a better entry. It would be nice if it pulled back gently about 2-3%.
ADM is another possible short. The ethanol stocks are losing some momentum and ADM broke the first important trendline.
Thats it for tonight.
Good Luck,
DT
