Wednesday, April 2, 2008

A Few Charts Setting Up But Not Many to Buy

My lack of enthusiasm for the action today continued into my scans. Most of the charts I have listed below are only charts I see setting up, not ready to buy right now. The only ones I am looking at as possible buys here are CSIQ and WSCI. I just don't see that many great charts out there. At the same time, look at charts like LNN, JST, LEN, RYL, PHM, HCBK, XIDE - all had some reversals and most were on higher volume. These were all very bullish charts that, just like the market, did not follow-through or put in solid breakouts.

I still think this market can head higher from here but I don't feel quite as optimistic about that possibility as I did yesterday. Once again, the bulls have to step up and keep this going, and they didn't do a real great job of that today. They have yet to show they can put three, four, or five days of solid, healthy gains on strong volume rather than these one or two day explosions that go nowhere. Hopefully they will get things going tomorrow and Friday, leading us to more gains next week. Remember that we have the jobs report coming up Friday, and I'm sure that will affect trading. Good luck out there.

Charts from Telechart2007, Courtesy of Worden Brothers, Inc.

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