Large Caps push ahead

The large caps pushed ahead today closing near the highs of the day, but I couldn't help but notice the weakness in tech and semiconductors. At least small and mid caps were strong. The Nasdaq is still in a position where it could move higher, and with all other indices moving higher, I am choosing to lean to the bulls side (for a day or two). It seems as if everyone expects strength into and after Bernanke's testimony, but I am a little skeptical. As always, stay on guard and trade what you see.

Here are a few more charts I am watching.


The Estee Lauder Companies Inc. (Public, NYSE:EL)
Nice bullish action here as EL is forming a high tight pennant. It could waffle around and become more of a flag, but it could just as well bust out right here.


Mentor Corporation (Public, NYSE:MNT)
MNT is looking like it will bounce off the lower trend channel. It has converging support and oversold indicators in it's favor as well.


Advanced Magnetics, Inc. (Public, NASDAQ:AMAG)
AMAG is close to falling out of this rising wedge, but it is looking like it may turn higher here. I will be watching for a strong candle pattern to emerge that would send it higher.

Good Luck,


DT