Thursday, October 21, 2010

Technical Picture - Markets rally on $USD Weakness

Markets rallied on $USD weakness. The greenback fell back down after testing the downsloping 20 EMA. The S&P had solid gains just shy of recent peak, but the $Comp was lagging.

Stocks gapping up on earnings after hours - NFLX and EBAY. Gapping down XLNX.

Initial claims in pre-market and leading indicators and Phil. Fed at 10:00.

Bearish island reversal in GLD unless it can go back and fill the gap.

TAN, the solar ETF is selling off on high volume.

WYNN and CREE daytrades.

I had hoped CREE could rally back up to first level resistance at $51.00. If we look at the chart below, the H&S top reached full extension on the open. Now, we should be able to get a full gap fill over the coming days.

MYGN is flagging.

If crop futures are limit up again tomorrow, AGU should BO of the base.

If $USD continues lower, commodities will continue to bounce. PCX approaching important baseline.

Darvas box long GOOG. Darvas box short EQIX. Important resistance over head for GOOG. This one needs time.

NFLX - earnings gap. Basing at former failed BO level. Should be interesting to watch how this plays out tomorrow.

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