Monday, July 21, 2008

NASDAQ Technical Picture - Testing Trendline

Last week, lower oil and better than expected results from financial companies helped trigger a short squeeze after a long losing streak. Poor earnings from tech giants GOOG, and MSFT tempered the NASDAQ's overall weekly performance on Friday. The main thrust of the short covering rally is likely over and we can look forward to some backing and filling, however, these markets are still highly news driven so it's important to keep abreast of daily catalysts and focus on earnings.

My Focus List going into next week.

Price/Volume Contraction - ABX, ALTH, AMZN, CSGS, JCOM, PRGO
Oversold and/or testing support - X, FWLT, BTU, CNX, FCL, APA, COG, CNQ
Overbought and/or testing resistance - WBS, LEH, MYGN, DNA, WYNN
Bear Flag Forming - BG, ICE, JRCC, WLT, VMW
Bull Flag Forming
B&B Long - HOLX
B&B Short - MON
Buy Pullback - RIMM, DRYS
Sell on Strength - AAPL

Companies reporting earnings on Monday: BAC, AAPL, SNDK, STLD, TXN


Dinosaur Trader said...

A couple days of bounce and I'd love that X through $140...


Jamie said...


Yeah, that would be technically perfect. And you could hold a partial through to the EOD ;)