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Chart Patterns $EPX NASDAQ NGPS GLG
Wednesday, April 18, 2007


Morning/ Afternoon Update

What more can I possibly update or add. We all know what is going in the OIH. We actually don't own anything that is in the OIH. Most of our energy stocks are components of the OOG and the EPX.

SIG Oil Exploration & Production Index (EPX)
If you look at the daily chart of the EPX you can see a cup and handle forming. Right now the EPX is on the verge of this cup and handle breakout and trading at 313.47. Currently VLO, UPL, BRY and CNQ are once again hitting new 52 week highs. Due to the bullish pattern on the EPX and the OOG, I am raising targets on the aforementioned portfolio stocks due to their strong technicals.

The Nasdaq Composite (COMPQ)
I like the current orderly pullback off the highs on the COMPQ. I think it is bullish, we have RSI and MACD highs. However, I am not bullish on chips. Therefore, I have not issued any alerts in this sector. Do not sell your winners to buy losers. Let's wait and see if INTC can turn the chip sector around.

Glamis Gold Ltd. (GLG)
Since a lot of people in the trading room own GLG I thought I would update it. This is not a portfolio stock. The daily chart looks bullish. As you can see, it is bull flagging and looks to go higher.

NovAtel, Inc. (NGPS)
The daily chart shows NGPS breaking out of it's bottoming symmetrical triangle. Entry was triggered at $30.00 for the portfolio table. On the daily chart you can see that it has just had a bullish Aroon cross, the Williams % is bullish, and the PPO is also turning upwards. If you want, you can day trade this stock, or hold it as a swing trade.


$EPX
Stock Chart
NASDAQ
Stock Chart
GLG
Stock Chart
NGPS
Stock Chart