13-Apr-08
Pass the Chips
This weekend’s chart work was interesting, and I think the obvious strength is in the oil and gas… mostly indy oil and gas… with the names we’ve been talking about. I don’t know if i’ve really heard anyone talking about this yet but I think the Semi’s deserve a second look. Not something we normally talk about as ramping or moving out… or leading the market, but I’m hypothesizing these things have been on the move since March… and they are moving higher. That said… they’re whippy… you hear it all the time “*AMD awful! Chips down 3%!” and its true.... but look AT the *SMH. It had a break of its wedge higher in March and has been in an up channel with higher lows ever since. Some other names… *XLNX (consolidating trendline break) *KLAC has been terrible… but has been moving higher since march and is now consolidating a trendline break. *BRCM (which i know many here have played) Trendline break… started moving out in March.... *MPWR Consolidating a trendline break *MU WORKING on a trendline break (not there yet) but had HUGE accumulation off its almost exact double bottom (late march) *NSM Trendline break… when did it start? March. *SNDK- not quite as strong, but poking it’s head up. *CY- W-bottom now forming a pennant. More names… *ADI, *CAVM, *ISIL, *SIMG, *WEDC.... all same story… been moving up slowly since March and have either broken… or working on trendline breaks.These names may not be technically set up to go today… or tomorrow… but I think there is a clear trend developing and some of these names have a LONG way to go on the upside. Personally I will continue to watch how this develops and hopefully add some exposure here… but I’m really not in the mood to do much as the market has some air above it AND below it.... and we’re going to resolve that one way or another here with earnings....Some set ups for today…Oil and gas: *NGS, *DVN, *NE, *PDE, *RIG, *RRCSteel: *X, *STLDAg Chem still working, have a look at *TNH pennant break and 50dma recapture*BIDU may be offering an entry as it came back to it’s previous resistance/now support.Long: *RRC
Posted at 21:30 in Market Report | Permalink | Comments () | Top
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