Market Snapshot 2009-04-22

We're approaching a top in the S&P. Most are looking for a reversal. The S&P is at a 23% fib retracement.



Also testing resistance at $880.



The stocks above their 40 MA is also topping (bottom graph).

Market Wrap 3/18/09

Another big day in the markets. It was a choppy day up until Big Ben spoke that they've got money to burn. The markets took off after that for a nice little rally and then pulled back a little. S&P finished just under 800, the magic turning point.

My system suffered a lot of chop-outs, but was able to recover with a small loss on the day. Over traded and didn't wait for the news to unravel...

IBD 100 2009-02-02

Some IBD Stocks flirting with S/R/TL: CWT GENZ CMN DLTR ATHN HAE NITE SJI AZO ALG WW BLU EW ESI NVO EPIQ TTEK HMSY GMCR CMP TDG CFL SXCI GILD RAH MFE EBS GXDX AAON HS SXE APEI MCD JCOM

Charts for the week

Updated my charts a little by adding horizontal price pointers so they're easy to see on the price scale. Added auto-trend lines in yellow. Also updated my thumbnail generator to use GIF for thumbnails so they're half the size and spit out the template for the blog entry. Things are getting easier. Will make the price color white to see if that makes the thumbnails easier to read.



PETM messing with resistance. If the market turns either way, it will probably follow.



MLHR will most likely head south. Who is buying office furniture in this environment? And with all the businesses going under, there will be a big secondary market. Just like when Enron collapsed, you could get Aeron chairs for cheap!



HUM is another one that can pop.



CSTR will benefit from everyone cashing in their piggy banks. Which reminds me...



WCG broke out of a symmetrical triangle. Could use a little test before making a move.

TECH is testing support

TECH is testing support. Could get a little bounce, but the market is pretty messed up right now and this is a descending triangle pattern.

Pepsi and others

PAS looks interesting. Found it through a finviz.com scan. No annotations, I think it speaks for itself.

Here are a few charts from the NASDAQ 100 that look interesting:



APPL will gap open in the morning after positive earnings tonight. It reached into the low 90's. Will probably pull back a ways into the gap.

Took a small position in JPT

Took a small position in JST today. It's been testing support for a while and has a potential for a small bounce and potential large bounce. The chart is from yesterday when I ran a EOD scan.

Palm hits the target area

PALM completed a reverse head and shoulders pattern and broke out the day after their new Pre was demoed at CES. I made a price target of "8ish" that day, but didn't take a trade. The target was based on the resistance, but took a look today and noticed the H&S pattern.

Obama Wins, Market Loses!

The TICK had a couple positive pulses up around the time Obama took the reigns. Then it was down hill from there!

CTSH

CTSH could hit $27 area if it can break out of the short term resistance. Or head south to 16 if the market turns sour.

TWGP

TWGP looks like it might want to retest the high in the $30-31 area.

S&P 500 Map 2009-01-16

A lot of red last week! Every sector is down with Financials getting hit with BAC and C earnings.