Wednesday, February 14, 2007

NASDAQ Technical Picture - Chopping in a Narrow Range

The last two sessions have been NR and choppy and its been a real job trying to find tradable setups. On a closing basis, we've yet to put a dent in Friday WRB. Tomorrow's economic calendar begins with retail sales at 8:30. That's always a good time to review your favorite retail charts. Mine include GES, URBN and ROST. Next up, we have business inventories at 10:00, followed by crude oil at 10:30. Ben Bernanke appears before Congress, so there could be some added volatility to the session.

HCPG mentioned in their newsletter that Steel is one of the strongest sectors. TIE beat by $0.08 in AH tonight and is poised to gap up big tomorrow, so in addition to retailers, get your steel charts ready on the open. My favorite in the steel sector is X, but there are other great looking charts. Do the homework and good trading!

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