Indices higher

The markets bounced a little higher today relieving some of the recent weakness. It's a little early to say whether this is a corrective move higher before further weakness, or if the markets are forming a near term bottom. The QQQQ is looking pretty weak to me on the 60 minute chart I follow, so it will be interesting to see if YHOO can help firm up the tech's. It is looking like the Nasdaq will gap higher on YHOO earnings so be on alert for a reversal. Surely, there will also be moves based on the State of the Union address, but be careful of chasing anything as these moves tend to regress within a day or two. The ethanol stocks have already been moving for a few days and will surely be sold to retail traders over the next few days. Here are a few charts I am watching.



Ultratech, Inc. (Public, NASDAQ:UTEK)
I shorted UTEK recently and covered for a small gain, and it looks like it is setting up again. I will be watching for any weakness at this descending trendline and or 50sma.


Brocade Communications Systems, Inc. (Public, NASDAQ:BRCD)
BRCD looks like it is finding support again near the 20sma and could be headed to the recent highs.


American Science & Engineering, Inc. (Public, NASDAQ:ASEI)
ASEI completed a bullish engulfing candle today at support of the lower bollinger band. If it can reclaim the 200sma, it may cause a short squeeze.


U.S. Global Investors, Inc. (Public, NASDAQ:GROW)
GROW looks like it is due bounce here. It is extremely oversold and starting to show signs of life at the lower band and 61.8% fibonacci retrace. Even a dead cat bounce to the 9 or 20 sma would yield a nice trade.


Corinthian Colleges, Inc. (Public, NASDAQ:COCO)
COCO is forming a nice cup and handle base, although technically it needs to clear the handle.


Good Luck and thanks to the readers who have left some great comments recently.



DT