Wednesday, April 16, 2008

Some OK Charts, Nothing Terrific

After doing my scans, I found a few charts that I like but the charts I was seeing setup last week looked much better. Some of the really nice ones I saw last week have moved on and are too extended, and some have broken down, but few of those ones remain buyable. One of the few is GU, which has rested and I will consider adding to if it can get a bump higher. Overall, though, because of the quality of the charts I see, I think that although we may continue higher, I don't expect this will be a massive move on the overall market - likely just an intermediate-term rally. Just not enough super charts, and when I see a chart like OTEX fail its breakout, that is a warning sign as well. I also noticed that many of the commodity stocks (steel, energy, ags) are getting quite extended so we need some new leadership to start popping up if this rally is going to be great. We'll see what tomorrow brings. Good luck.

Charts from Telechart2007, Courtesy of Worden Brothers, Inc.

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