| Chart patterns tran util sml silver copper cme |
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| Wednesday, April 18, 2007 |
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Nightly Update
Copper Futures- Comex (Copper)
One metal that continues to new move higher is copper. It stays hot hot hot! It has remained neatly in its uptrend channel ever since November. It is parabolic. On the daily you can see that it is in a full blown bullish trend reversal. Today Copper made new 52 week highs at 213.62. The strength in copper made me decide to look at other metals as well today. A lot of commodities are heating up.
Silver -Continuous Contract (SILVER)
The daily 6 month chart of Silver looks very bullish. It is currently in an ascending symmetrical triangle and looks poised for a triple top breakout above $9.30. All indicators are bullish and the PPO is starting to turn up nicely. You may want to look at some silver stocks since the stocks will front run and outperform Silver itself.
The Dow Jones Utility Average (UTIL)
The daily UTIL chart is bullish. It has erased it losses from last Friday. It has some nice gains today. The UTIL index is slowly moving back up. The UTIL is up 0.78%. It is in a wave 3 of 4 structure and signals that higher highs are on their way. I believe the fast money will rotate into this sector.
The Dow Jones Transportation Average (TRAN)
As with UTIL, the TRAN is forming an ascending triangle pattern. The TRAN has erased it loses from last Friday as well. The TRAN is up 2.38% today and closed at new all time highs today. It still remains in a bearish trend reversal. Nevertheless, it will be a front runner.
The S&P 600 Small Cap Index (SML)
Today the small cap index made new 52 week highs at 370.51. It also closed on its highs. The daily chart remains in its reverse symmetrical triangle (RST). As always, the general rule of thumb is, that higher highs are bullish even though this pattern itself is treacherous. The RSI on the daily chart is heading higher, the stochastics are bull flagging, and the williams% indicator is bullish and trending. It remains to be seen if this pattern will over shoot the upper trend line and turn into a continuation RST. I think that chances are high the we will make the double E. Therefore, the market rally cannot be over.
Chicago Mercantile holdings Inc. (CME)
I am updating CME just to illustrate that stocks continue to make new highs. Today the CME closed up 6.23% at new 52 week highs. It is currently breaking out of a triple top ascending triangle. Ultimately, I just want you to know that the S&P, and Nasdaq are really not telling the whole story. The main thing that you need to know that more stocks are making higher highs than new lows.
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Added CEPH today to the portfolio table and tomorrow will likely remove UPL (FRK reported up huge after-hours, so if the cement sectors catches a bid you can click this table and it will take you to the cement sector and there could be some plays off of FRK.........CEMENT "HOT" (The Cement Sector Ranks 31 On The Performance List)
$COPPER
$SILVER
$UTIL
$TRAN
$SML
You can click the chart to see other stocks all front running and breaking out
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