Wednesday, June 4, 2008

Some Shorts, Some Longs, But Not Much Too Get Excited About

I didn't put any index charts tonight because they really do look exactly like yesterday and I will just be watching those support levels. Of course, the way this market has been, we will likely break one of those levels, and then reverse right back the other way.

STEC is the one long I have right now, having entered today on the breakout. I have no way of knowing if this will be a nice stock, but the chart pattern is a very bullish one. It is breaking out to all-time highs here, which is a nice sign in addition to the high, tight flag pattern.

STEC
Here are some stocks that broke out today. SQNM moved higher due to positive drug news. I am upset I did not pay more attention to AEHR. The fundamentals are good, but I just thought it looked a little too choppy before the past two days. None of these are buyable right here.

SQNM, AEHR, VRSN, VLTR

These are the rest of the best I see right now on the long side. None of these are very exciting to me. That's the problem I am having with being bullish right now - even if we follow-through, I don't see a ton of charts with nice patterns and high BOP levels that show accumulation.

OPTM, MELA, VVUS, SATS
ABAX, IPGP, CYD, AUTH

These are some stocks that I would consider based on their patterns but they just need a little more rest before I would feel comfortable entering them. WIND is a recent earnings play, and I have written about ENER before.

WIND, NZ, ENER, SIM

These are the best shorts I see right now. I am still stuck on BOOM and won't let go of my opinion that it is headed lower. I also like LNN as it seems to really be struggling to get over the 50 day moving average and it still looks like a head and shoulders pattern to me.

BOOM, EPIQ, LNN, CBI
Charts from Telechart2007, Courtesy of Worden Brothers, Inc.


Commentary is a little short today because I have a ceremony to attend tonight and I hope to be back in time for the start of Game 6. I don't know if my Pens can pull out another win, but I am hopeful - game 5 was one of the best games I have ever watched. Go Pens.


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