Tuesday, April 1, 2008

Charts to Watch

Here's a look at the indexes after today's big move. There is a little bit more room to run, but some important levels of resistance are approaching quickly, so we'll see how they react when they get there. Follow-through tomorrow remains the key for the bulls in my opinion. They can't waste the opportunity that presented itself today.

S&P 500
Nasdaq
VIX
Charts from Telechart2007, Courtesy of Worden Brothers, Inc.

Here are some longs I am watching for tomorrow. There are other "decent" charts I see that could be possible buys but one thing I am trying to work on is taking only the best opportunities - waiting for the fastball down the middle of the plate so to say that can be a home run instead of swinging at anything and getting a few singles and a few strikeouts. I don't think this is a rally that will produce any home runs, but the point is it is important to be still selective in what you buy, and so I am trying to do so. I don't know if these will work or not, but they look best based on the indicators I use.

BKE
GU
TWIIHS
Charts from Telechart2007, Courtesy of Worden Brothers, Inc.

Others I am watching are WSCI, FLO, LNN, BCO, and JST. Hopefully we can get some follow-through tomorrow. We shall see. Best of luck Wednesday.

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