Short Trading week

Hope everyone had a nice extended weekend. It will be interesting to see how things shake out tomorrow following the layoff and options expiration. The Russell and Dow are at all time highs. The S&P is not too far off, but the Nasdaq is no where near all time highs. This is understandable, after the ridiculous runup and the drop that followed. As long as markets are at all time highs, people will be calling for tops. While I have been and remain skeptical about how long this rally has lasted, I haven't stopped trading it to the long side. The bulls remain in control, and until we have a lower high, or a close below support, then I will remain cautiously bullish. Here are a few bullish looking charts.

Advanced Magnetics, Inc. (Public, NASDAQ:AMAG)
While I don't care for ascending type bases, AMAG is offering a decent risk to reward trade here if it can make a little move higher.


Mentor Corporation (Public, NYSE:MNT)
MNT looks a little sloppy over the past few weeks, but they have closed in on an ascending trendline that may offer support.


Holly Corporation (Public, NYSE:HOC)
I have been expecting oil stocks to pullback again, but there is a lot of strength in the service stocks recently. HOC is close to breaking to all time highs and could have quite a rally if it clears the mid 50's.


Intuitive Surgical, Inc. (Public, NASDAQ:ISRG)
I've been stalking ISRG for months waiting for them to break out of a pattern on the weekly charts. They did this on earnings, and are not pulling back much. While this makes it more difficult to get value, it is showing that demand is outstripping supply.


J. Crew Group, Inc. (Public, NYSE:JCG)
I think JCG may of cleared this consolidation base and could be just about ready to resume the uptrend. I have a position in JCG and may add shares if it can hold over the 50sma.


Frontier Oil Corporation (Public, NYSE:FTO)
Here is another oil service stock in FTO. This looked like it was setting up as a bear flag, but it is holding up and may try and break to a new pivot high.


Helmerich & Payne, Inc. (Public, NYSE:HP)
HP is yet another oil stock that may get a bounce soon. It is drifting back to support multiple sma's. It already made a higher high and is looking pretty strong.



Good Luck,


DT