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| Tuesday, January 17, 2006 |
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Nightly Update - USD, UTIL, WTIC, COMPQ, BRY, NGPS, & GPRO
The US Dollar (USD)- Daily Chart
The dollar is bearish and it really needs to be tanking. The USD is breaking down out of an ascending triangle pattern. The USD back kissed the uptrend line and I believe that it may be forming a possible bear flag. I believe it will form an inverted head and shoulders pattern on the weekly once it hits the 82's on the weekly chart.
The Dow Jones Utility Average (UTIL)
The daily UTIL chart is bullish. It looks a lot like the OIH did before the OIH broke out. As you can see by looking at the chart, there are two patterns forming; a small symmetrical triangle within a large ascending triangle. Today the UTIL has broken out of the symmetrical triangle, making it a failed topping pattern. Today the UTIL is one of the best performing sectors. Furthermore, you can see that volume has also been very strong, which is supporting the move upwards. All the indicators and oscillators are bullish except for the Aroon. The UTIL is up 1.31%, at 421.290.
Oil -Light Crude-Continuous Contract (EOD) (WTIC) - Daily Chart
The daily chart of WTIC shows that Oil has completed it's counter trend wave 3 to 4 pullback. Oil has broken out of the down channel and is now in a move up to wave 5. Oil looks to make another move up to test it's previous highs around $70.00. Indicators and oscillators are bullish, and stochastics are toppy, but the PPO is making new highs. The following portfolio stocks have been making new highs: SU,UPL,OXY,VLO,BRY and CNQ. Stay in these stocks until I give the sell alert.
The Nasdaq Composite (COMPQ)- Daily Chart
The daily chart of the Nasdaq is bullish. As you can see by looking at the chart, the COMPQ is forming a nice bull flag. The COMPQ has rallied sharply for the 7 days on massive volume. Indicators and oscillators are bullish, and stochastics are bull flagging. There is very little bearish divergence. This is the type of market for buy and hold types, not nervous Nellie's. The trend remains bullish, the pattern is treacherous, and the bias is neutral.
Berry Petroleum Co. (BRY) - Monthly Chart
BRY is one of the energy front runner stocks. The monthly chart shows that BRY has broken out of an ascending triangle, and has been parabolic up ever since then. BRY is in the process of putting in wave (3). Indicators and oscillators are bullish and the stochastics are flagging. This month BRY is up 31.12% at $75.00.
NovAtel, Inc. (NGPS) Daily chart
The daily chart shows NGPS in a bottoming triangle pattern. It is a buy above $30.00. The price target s $37.00. On the daily chart you can see that the stochastics and MACD are bullish. This is a good short term set up.
Gen-Probe, Inc. (GPRO)
The daily chart shows GPRO in an ascending continuation triangle pattern.
Today it is breaking out of a bull flag. I do have a lofty price target on GPRO around $65.00. It is also a stock scan pick. On the daily chart you can see that the stochastics and MACD are bullish. This is a good short term set up.
$USD
$UTIL
$WTIC
NASDAQ
BRY
LEAVING BOTH GPRO AND NGPS AS BEST SHORT TERM SETUPS
LEAVING BOTH GPRO AND NGPS AS BEST SHORT TERM SETUPS
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