Sunday Night Watchlist

Posted by downtowntrader | 4/22/2007 09:10:00 PM | 0 comments »

Most of the major indices had strong days Friday with the Dow closing at a new record high. While the Dow doesn't hold much weight in my eyes, the S&P500 closed at new yearly highs as well. The Nasdaq and Russell have been lagging on this rebound which is worth noting, and they will need to lead if this rally will continue. The indices are overbought pushing over their bollinger bands. It still looks like there is room to play this rally although there will likely be a pullback soon. I am still only looking at long plays and looking at the inverse ETF's for hedging when necessary. Here are some interesting charts I added to my watchlist.

U.S. Global Investors, Inc. (Public, NASDAQ:GROW)
GROW has been a good stock to me this year, and it looks like it is setting up for more strength. Near term GROW seems to be forming a bull pennant, and overall looks to be in a cup and handle base.

Arrhythmia Research Technology, Inc. (Public, AMEX:HRT)
HRT looks like it is setting up for a double bottom off the bollinger band here. This looks like a chart that has corrected too fast and may be due a bounce soon.

NBTY, Inc. (Public, NYSE:NTY)
NTY has had a nice run over the past few months and has been consolidating pretty tightly over the past few weeks. It could be ready to move here if it can reclaim the 20sma.

Dick's Sporting Goods, Inc. (Public, NYSE:DKS)
DKS is forming what Bulkowski terms and inverted scallop pattern from the low in March to current levels. It looks like it broke out of a base and is now giving the first chance at a pullback entry.

Jinpan International Ltd. (Public, AMEX:JST)
JST has low volume and high volatility, so care needs to be taken with it. It looks like it is forming a partial retrace here after testing resistance at the down trendline shown below. If it can use the 20sma as support here, then it could be off to the races.

Ingles Markets, Incorporated (Public, NASDAQ:IMKTA)
IMKTA is another low floater that is sporting a good looking chart. It could be towards the end of consolidating in a triangle here, and the target for a successful breakout is near 50.

Vanda Pharmaceuticals Inc. (Public, NASDAQ:VNDA)
VNDA is technically still falling, but it is looking like it will turn soon. I was previously in this and sold out to wait for another entry. I'm waiting for a candle pattern to emerge here, but I thought it was worth mentioning as it has strong potential.

Good Luck,