Will bears push bulls back?

The bears took a shot at the bulls Friday with a day full of broad selling. While the large caps basically just dropped to their rising 20sma's, the action in the Nasdaq and Sox has me thinking that a correction may be upon us. The semiconductors continue to lag and the markets won't move up much without their participation. Interestingly, I found more short setups this weekend then long setups. While the indices are still holding support on a closing basis, and every dip has been bought, last week was the first time that most of my short setups played out as expected. We'll know soon enough if a high has been put in. On to the charts.


Pactiv Corporation (Public, NYSE:PTV)
PTV has been weakly consolidating along the lower third of a wide range bearish candle. It could be headed to try and fill the gap below.



Under Armour, Inc. (Public, NYSE:UA)
I don't care what Jim Cramer thinks about this company. It looks like an intermediate top is in here to me and it may fail here after a partial retrace back into the broadening wedge top.


Dril-Quip, Inc. (Public, NYSE:DRQ)
I was early last time I mentioned DRQ as a short, and most of these oil stocks look a little extended to me. While the rising 20sma may prove to be support, there is a shot that DRQ gets a measured move down which would take them to a lower pivot low.


Research In Motion Limited (USA) (Public, NASDAQ:RIMM)
RIMM looks like it is failing here. This would be a lower high and possibly mark an intermediate term top as well.


NVE Corporation (Public, NASDAQ:NVEC)
NVEC has been slammed for months now, but it looks like the bears aren't done yet. It can't make it's way higher and could be headed down a few more points.


Best Buy Co., Inc. (Public, NYSE:BBY)
BBY is a great looking short setup in my opinion. It is right up against converging resistance, and could be helped along with a weak market. Indicators are looking great too.


Continental Airlines, Inc. (Public, NYSE:CAL)
CAL may be falling out of a little continuation flag, and while it has support below, it still offers a decent risk / reward trade setup.


UAL Corporation (Public, NASDAQ:UAUA)
Similar setup in UAUA here as it shares sectors with CAL.


Lumera Corporation (Public, NASDAQ:LMRA)
LMRA is a chart that is looking bullish to me. It has been drifting back and could be turning here at the 200sma.


The Knot, Inc. (Public, NASDAQ:KNOT)
KNOT is another bullish looking stock as it has been heading up this channel without too much difficulty.


Meridian Bioscience, Inc. (Public, NASDAQ:VIVO)
VIVO popped out at me as I was looking at my watchlist in the weekly timeframe. These are all time highs here and it just cleared a solid looking base. I am showing the daily chart as an inset showing what Thomas Bulkowski calls a scallop pattern. It is pulling back to support and may offer a good entry for a medium term trade.



Good Luck,


DT