Tuesday, March 18, 2008

Charts to Watch

After doing my scans, I unfortunately did not see a lot of great stocks putting in huge moves today. Most of what I saw moving was indeed severely beaten-down stocks like I expected. Right now, here are some stocks I am watching for possible long setups if this rally continues:

BRKR - Broke above resistance today but I don't want to buy right here with the market as it is - I wish it would have rested more.

BKE - Has held up well after breaking out a few weeks ago and I would consider this with a little more rest or less questions in the overall market.

OME - Chart could be nice if it rests a few more days. Max BOP for a few weeks now.

ITU - Not perfect, but if for some reasons financials are indeed bottoming like everyone says, this bank might work - forming a cup with handle pattern.

Others I am watching include DROOY, JRCC, ATLS, and GEOI. These are all still in the commodity area and these are still due to pullback at any time.

I didn't plan on doing anything in this market until probably Monday and my scans didn't really change that. There is still nothing super exciting that I see, and I hate to sound like a broken record, but if this was going to be the start of something very big, there would be a lot of nice charts setting up. I still expect us to continue to bounce, but just be careful with these bounces if you decide to play them. I would take profits quickly if you get them and if you must start positions, I would make them small to start out. Good luck tomorrow!

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