A Few Weekend Charts

Not a lot out there based on my scans this weekend, so I will likely be sitting on my hands for the next few days, and I don't think that is a bad idea. Most of the shorts I saw earlier in the week are now a little extended to the downside to be considered low-risk. Of the longs I mentioned toward the start of last week, some have pulled back nicely, and some had some more volatile pullbacks. The nice pullbacks are listed below if you are so inclined to take some longs here.

My guess is that we continue lower this week. If the bulls are going to do anything to keep this rally alive, I think it has to be right at the beginning of the week, and tomorrow is the last day of the month and quarter, so maybe they have it in them. If they don't, I think there is a very good chance the selling accelerates some starting Tuesday. That's why I think sitting on your hands is smart right now. If buyers come in on Monday, then I wouldn't be opposed to poking at some of the pullbacks listed below, but I just need some confirmation before doing that. Most of my indicators are still pointing bearish, and because of that, I am only playing the short side, and only three stocks at that. Good luck, and be careful!


Longs

LNN, SKILMTH, TECUA

RICK, NKE

Shorts

CMG, FSTR

AAPL, AG

Charts from Telechart2007, Courtesy of Worden Brothers, Inc.

Tags: LNN, SKIL, MTH, TECUA, RICK, NKE, CMG, FSTR, AAPL, AG