After all the recent volatility, it's interesting to note that the indices haven't really gone anywhere. The dollar has had a nice run recently but it is closing in on resistance. If it hits a wall and rolls over, the commodities and emerging markets may get a lift. Here are four more charts I added to my watchlist.
Grupo Televisa, S.A. (ADR) (Public, NYSE:TV)
I've been watching TV since the trendline break and todays drop on high volume may be signaling a change in trend. This is a good example of how previous support trendlines can become resistance once broken. I don't like how high I would have to set a stop by shorting here, so I will just be watching at this point. However, it could setup nicely soon.
Ultratech, Inc. (Public, NASDAQ:UTEK)
UTEK broke down out of this consolidation on high volume and has retraced on declining volume. Now it is showing a few spinning top candles signaling indecision. My guess is that it will see lower prices soon.
Forest City Enterprises, Inc. (Public, NYSE:FCE.A)
FCE/A has pulled back to the previous breakout area and may be confirming support at the 50sma.
ValueClick, Inc. (Public, NASDAQ:VCLK)
VCLK has pulled back to support as well, holding over gap support and the 50sma. It may find support here and offers a decent stop area.
It is still a pretty indecisive environment out there, so tread lightly. Once a move begins in earnest it will be easier to position yourself more aggressively.
Good Luck,
DT
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Any thoughts on oversold SLW?
I'm a little worried about the metals here. SLW is very oversold and probably due a technical bounce, but overall, they fell out of a large triangle pattern and look like they will see more downside.
DT