| New 52 week highs in the $BTK, $SPX and SNDK breakout play |
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| Monday, February 27, 2006 |
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Afternoon Update- COMPQ, BTK, SNDK, & NQ Futures
NASDAQ Intraday update (COMPQ)- Daily Chart
On the daily chart you can see that the COMPQ has broken out of the symmetrical triangle pattern to the upside. Today the COMPQ is up 1.01% at 2310.20. Expect volatility to pick up as the COMPQ tries to clear the down trend line. The indicators and oscillators are still bearish but showing signs of strength. However, chips are showing some strength. The COMPQ tacked on the best gains for the week. Avoid Gold and Oil stocks, they are your highest risk sectors. However we still hold LSS and MPET. Stay with the biotech's and the suggested portfolio stocks.
The Biotechnology Index (BTK)- Daily Chart
As you can see by looking at the daily chart of the BTK, it has broken out of an ascending triangle pattern. The BTK is in a bullish trend reversal; indicators and oscillators are bullish. Today the BTK, is up 1.52% at 755.12 which is a new 52 week high. Resistance is at 811.60. The best momentum medium term will be in Bio-pharma stocks.
SanDisk Corp. (SNDK)- Daily Chart
The daily chart shows that SNDK has been in a wave 3 to 4 correction since the beginning of this year. As you can see on the daily chart, SNDK broke out massively today and is now trading out of the wedge. The Aroon, Williams%. and PPO are still bearish, but the RSI and Stochastics have bottomed and are beginning to reverse upwards.
Nasdaq Futures (NQ)- NQ Daily chart
Nasdaq Futures have finally broken out of the down trend line and hit the first price target at 169273. The next price target is 170825 and 1723 and then 1737. Stochastics are looking bullish.
CURRENT NASDAQ UPDATE (WEEKEND UPDATE BELOW)---SP500 NEW 52 WEEK HIGHS
WEEKEND UPDATE
$BTK
SNDK
NQ FUTURES
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