Semiconductors rallied today helping the Nasdaq end positively. The Philly semiconductor index broke out today and this could really lend support to a tech rally. While it's possible that this is a false breakout, RSI is making fresh highs here with some room to run.

Here is a chart of the $sox showing it rising out of a descending broadening wedge.



I'm short on time tonight so I won't be posting any charts. I had a lot of watchlist picks trigger this week, so I only have room for a position or two. I am adding HOKU, and MDRX to my watchlist tomorrow.


Good Luck,


DT

A higher then expected CPI number pushed the markets lower this morning, but the Nasdaq and smallcaps held and then reversed to close up on the day.The Dow and S&P finished moderately lower, but I will lean to buying this market as long as the Nasdaq is leading the charge. Gold and Oil had strong moves today and there were some nice moves in the individual stocks for those sectors. Here are a few more charts I'm watching.

Immucor, Inc. (Public, NASDAQ:BLUD)
BLUD broke under an ascending trendline but hasn't given up too much and it may end up turning to be a false break. I will be watching to see if volume comes in on a move higher.


Mindray Medical International Limited (Public, NYSE:MR)
MR is looking like it's ready to have a powerful move higher out of this triangle base. Sometimes when a stock only retraces a portion of the base, as it did after touching the top of the triangle recently, it shows bulls desperate to buy and could be signaling a strong move.


Bolt Technology Corp. (Public, AMEX:BTJ)
BTJ has a sloppy sort of base here, but is looking great on the longer term charts. It is close to all time highs here and with oil on the move, it could break out.


Vanda Pharmaceuticals Inc. (Public, NASDAQ:VNDA)
VNDA has retraced back to the most recent breakout area and could find support here. I'm not convinced that this is done moving lower, but it's worth watching to see if it can reverse.


Rambus Inc. (Public, NASDAQ:RMBS)
RMBS is another stock where I'm not convinced that it is ready to turn higher, but the chart looks promising enough to watch intraday.


Good Luck,




DT

The bears pressed down this morning, but by lunch time the bulls were in control of the markets. It is looking like there will be some follow through in the next few days. The Russell had a nice day today and on stronger volume too. The Nasdaq is starting to move out it's recent base again and if the Nasdaq and the Russell are in gear then the bulls should remain in control for the time being. Here are a few more charts that are looking bullish to me.


Mentor Graphics Corporation (Public, NASDAQ:MENT)
MENT has corrected a little recently, but may be finding support at the lower band here.


PeopleSupport, Inc. (Public, NASDAQ:PSPT)
PSPT just broke to all time highs and is pulling back to test the breakout area. It had a nice move today off the 50sma and could be ready to break back to new highs.


U.S. Global Investors, Inc. (Public, NASDAQ:GROW)
GROW had a nice quick bounce a few days ago and then pulled back sharply. The bears may be running out of steam here and GROW may be ready for a short squeeze to the upper band,


American Science & Engineering, Inc. (Public, NASDAQ:ASEI)
ASEI pulled back a little after releasing earnings, but has held above the recent pivot low. While it may be headed to the lower band it could just as well follow through after todays little hammer.



Good Luck,



DT

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