There won't be a regular post tonight.
Here are a couple of links.

JC the NYSE Scalper had a nice post tonight comparing traders to Jedi.

Here are a couple funny videos.

Sinking About.
weatherman roach .

Good Luck,

DT

I rarely tune in to CNBC during trading hours, but I was running some errands today so I had CNBC on in the Car, on Sirius Satellite Radio. I was cracking up at how excited they were about the Dow all time high and how "important this was to investor psyche after the bubble". Last I checked, people lost their asses in Nasdaq stocks, and those are no where near even recent highs. It takes a long time for these wounds to heal, and this is why we probably won't have a runaway bull market for quite some time.

The indices are slowing down and it will be interesting to see what transpires into week end and then in early October. Here are a few charts, both long and short to chew on.

RWC had a huge move today on volume and looks like it is breaking out. The key is if it can decisively take out the 200sma.
LIFC is getting ready to move and it "should" be a continuation move to the upside.
NSM has been looking weak and hasn't really participated in the recent rally.
I hate to throw in a long semi chart after a short one, but MRVL is looking good here. There are some serious MACD divergences and MRVL is close to breaking a downtrendline.
ORB found support on the 20sma and may present a good opportunity in the coming days.
KOMG is another weak looking stock. I've been waiting for it to retrace higher, but it seems to be stalling out already.

On a lighter note, I couldn't believe this when I saw it on TV the other day. When your daughters ask you for the Barbie with the dog that craps for Christmas, this is what they're talking about. I would of loved to have been a fly on the wall for that product development meeting.


Thats it for tonight.

Good Luck,

DT

Well, we hit a new multi year high on the SP500 and we are close to a new all time high on the Dow. While everyone worries about how long this will last, stocks keep on going higher. There are two things that will be interesting in the coming days. First, everywhere I look it is being reported that this weeks move is attributed to window dressing. If that is the case, I would expect a reversal before Friday to chop out a bunch of people. Second, there are probably too many pessimistic people out there to end this rally, but you can be sure that once market participants start thinking they are out of the woods, then it will be too late.

Commodities started to bounce as I mentioned last night, and there may be some good short covering in these sectors. These moves, especially in the Oil sector, should be reserved for the most nimble traders. I am sticking to metals for now as they have more divergences on the charts.

Here are a couple of charts to watch.

DXPE has given back all of the gains from its recent stellar earnings report, but is at major gap support. It had a very strong move today and may be bottoming out. I imagine that it will pull back in the coming week to retest the breakout, and may give a better entry for those that missed.
ASEI is one of my holdings that may be ready to make another leg up after hugging the 9ema the past few days.

Here are a few links worth checking out.

Highchartpatterns has had two pretty good posts the past couple of days here and here. I like reading about other traders thought processes and how they approach different aspects of trading .

Also, Ugly has another great video out. Just awesome.


Good Luck,


DT

The markets bounced back on higher volume today and could follow through tomorrow. When I think of the possible scenarios playing out, I can envision a strong surge that would get to new highs before resuming putting a top in. The way things have been playing out, it looks like the bulls are determined to take the Dow to all time highs. Although the risk is high right now, it might be worth it if we do indeed get a "blow off" top.

Commodities have been getting hammered and may be getting ready to get a technical bounce. I am looking at a few possibilities in the miners as they are oversold and may have very limited downside from here. So, is this a catching a falling knife scenario, or a buy at value scenario? In looking at the different timeframes and the sector charts, I think there is little downside here, however, anything more then a small allocation would be foolish as well.

Here is a weekly chart of GG (Goldcorp). It fell out of the bollinger band which should present good value. It could bounce back to the middle of the bands and still be in a confirmed downtrend. There are still negatives here such as still declining MACD and Stochastics.

Here is the daily chart showing a gap down at eh end of a downtrend that couldn't follow through. This is sometimes the last gasp, especially if tomorrow has a gap up.

Here is a chart of SLW. This is looking more positive then GG as it is not technically in a downtrend and has a MACD divergence.
Here is a large daily chart showing possible support at the 200sma and previous resistance. Also, the MACD divergence is apparent here.
Moving away from the miners, ILMN is in a better performing sector and could find support at the rising trendline.
TRID may try and fill the gap if semiconductors rally this week.
AXE may be ready to clear this resistance after coming back to support at the 20 sma.
Software has been doing great led by ADBE, so don't be surprised if BMC follows suit.

GROW has pulled back into support and may offer some value here.
ICLR has been trading a very tight range and may continue the uptrend if the markets get going again.
LIFC has been getting support at the 9ema and may get a push soon.
OXPS came back to test support at the 200sma and may resume the rally here.

Thats it for tonight.

Good Luck,

DT

The indices remained over their 20 and 50 smas after some profit taking last week, and the question is, will they push to new highs or roll over. With quarter end and month end taking place this week, a case could be made for a bull window dressing run. Here is an hourly chart of the Q's.

Possibly a double bottom on the lower Bollinger Band. It might be time to pick up some tech's for a quick trade.

Here is CTXS which broke through string resistance last week. It may need another day or two of consolidation, but it is looking a lot more bullish then last week.
DIOD has had a nice run and may pull back and test the gap for support. If semiconductors show strength, then DIOD may clear the recent high.
I pointed out some strenth in GYMB a couple weeks ago, and they have just flat out taken off. That is a nice gap over resistance, and those usually tend to be breakaway gaps.
HWCC is a recent IPO that may be turning up.
IBCA was on last weeks list and not much happened with it. It still looks bullish to me though.
I'm not sure if I have the guts to trade it, but I will be watching. The volume on the last day may be a hint of an upside breakout.
TAM has been finding support at the 20sma and formed a hammer on it Friday.
The bears are running out of steam on ODFL, so it may make an interesting trade with a relatively painless stop area.
CYMI is one of the better looking short setups I found. Although it cleared the downtrendline, it looks like it is failing to clear the 200sma and may be rolling over.

I didn't find too many charts tonight, so let's see if the coming days give us some clear direction.

I added another post to my photo / art blog for anyone interested.


Good Luck,

DT