Thursday, February 12, 2009

Surprisingly, I See Some Nice Charts Out There

I still really don't know what to make of today's late surge. I know what to think about it as a taxpayer and a citizen who bought a home they could afford and has in the mean time saved for a bigger one, but that is for another time and another day I guess. I did want to put this quick post out tonight because I was surprised by the number of decent looking charts I saw in tonight's scans. It also surprised me that a lot of these charts were IBD-quality in terms of earnings ratings which is good to see. The BOP (balance of power) levels in Telechart that I like to use are also nice on a lot of these. This is new because for a long time, I haven't seen any charts that interested me, and I have harped on that in this blog. If I keep seeing more of these nice charts, then I will have to reconsider my bearish outlook because I think individual charts always give clues as to where the overall market is headed.

Here are some of the charts that interested me tonight: SXCI, NEOG, NTCT, NVEC, GRS, NFLX, ASIA, STAR, and BLUD. These are the IBD-quality stocks.

Here are some stocks that are still lagging in terms of relative strength but may be ready to break above lateral resistance or have pulled back nicely the past few days: AXE, HRZ, MWE, BOLT, GASS, SEA, MOS, NAV, SOLR, MRVL, and VLTR.

Gold stocks still look like they could breakout again: GRS, KGC, ABX

I also saw some earnings breakouts for the first time in a while and that could be the sign of good things to come - look at AIPC, BWLD, and ATRO are today's examples.

I don't have time to put charts up tonight, but I will do a video over the weekend. With all of this said, please understand that I know we could be down 200 or up 200 tomorrow with the complete randomness of this market - absolutely nothing would suprise me. If this market was acting in a sane manner, I may put more credence in these charts showing up. As it is, I am still cautious. I have to be. Just wanted to point this out though. Good luck Friday.


Charlie G. said...

Hey Mac, hope you have a better week next one around. Seems hard to swing trade right now. Any overnight hold seems like a "bet" because of the news, reversals and volatility.

Are little one is due in 4 weeks! Hope all is well with yours. And congrats, maybe it was too much to ask for a superbowl win and a green start to the year trading!

Mac said...

Thanks Charlie - I have had some "bad luck" let's say, but I should know better than to trade a choppy market. I have confidence that when this market finally moves in the same direction for more than a few hours, I'll be there to take advantage.

Best of luck with your new addition and congratulations! Do you know what you are having? My wife and I don't like surprises so we always found out beforehand.

Charlie G. said...

A little girl. We had to have genetic testing because of a weird ultrasound. Found out she had an extra chromosome, but she'll be ok cause I have the same extra one. Ok to the extent I am.