The Nasdaq had a strong rally today pushing past the recent congestion area marked on the intraday charts. It pulled back very sharply in the afternoon, but bounced back a bit to the close. It found support near the breakout area, so it may follow through tomorrow. Here are a few more charts I am watching. Some of these were posted before, but are at points where I may consider entering.
J. Crew Group, Inc. (Public, NYSE:JCG)
JCG started a move a few days ago, but pulled back. The bears have not been able to push this down, so it may break out as soon as tomorrow.
On2 Technologies, Inc. (Public, AMEX:ONT)
I took a position in ONT today and it looks like this may be a runaway gap. Volume has been outstanding lately.
Ansoft Corporation (Public, NASDAQ:ANST)
ANST is at a critical area here and it looks like a big move is coming soon. I think the path of least resistance is higher, but it could rollover here too. I think there is a good risk reward ratio right now.
Walgreen Company (Public, NYSE:WAG)
WAG continues to trade in the descending channel / flag and is finding support at the 200sma.
AmerisourceBergen Corp. (Public, NYSE:ABC)
ABC is trading in a true bull flag and should have a sharp move higher if it can clear the flag area.
Medtronic, Inc. (Public, NYSE:MDT)
MDT has refused to pullback after gapping higher last year. It has built a base over the breakaway gap and may be ready to move out.
Research In Motion Limited (USA) (Public, NASDAQ:RIMM)
RIMM is one of the only shorts I am considering. It may be setting a lower high here while testing the trendline that broke as support. Shorting has not worked in this market and in this stock, but this looks like a decent setup if it starts to head down here.
Good Luck,
DT
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