Afternoon Update - SNDK, AAPL, FAST, & PPH

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 remains in it's ABC corrective channel and is in a continuation wedge pattern. However, today's action is giving it a bullish outside reversal to the upside. The Aroon, Williams%. and PPO are still bearish, but the RSI and Stochastics have bottomed and are beginning to reverse upwards. Today SNDK is up 3.39% at $57.90.

Apple Computer, Inc. (AAPL) - Daily Chart
The daily chart of AAPL shows that it has just completed a wave 3 to 4 pullback. It has broken out of it's down trend channel and it is now bull flagging. I believe it will rally to the $80.00 area. The Aroon is still in a bearish trend reversal, but the PPO and stochastics are starting to turn up. Today AAPL is up 0.85% at $69.67.

Fastenal Co. (FAST) - Daily chart
The daily chart illustrates that FAST is breaking out of a triple top ascending triangle. Indicators and oscillators are bullish and the stochastics are flagging. Today FAST is up 3.46% at $42.72.

The Pharmaceutical Holders ETF (PPH)- Monthly chart
There is a sneaky underlying bid coming into the PPH. This month the PPH is up 2.61% at $72.45. I have suggested this ETF so that you can have an equity that lets you sleep at night. Ever since I have suggested the PPH, it has had a nice slow move up. In addition, it gives you exposure to some Dow stocks. On the monthly chart, the PPH has broken it's downtrend line going back to the year 2000. The PPH continues to be in a bearish trend reversal on the Aroon indicator. Nevertheless, the PPO is showing bullish divergence and is starting to turn up, as are stochastics.

 

Pattern Category
Pattern Types have been grouped into several categories based on their behavior or the method that is used to detect the pattern. Examples of Pattern Categories are Bullish, Bearish, Classic, Short-term, Continuation and Reversal.

Pattern Duration
The number of days over which the pattern formed. Pattern Duration is equivalent to Pattern Length. In searching for technical events, one may specify the pattern duration in days. Longer duration patterns generally forecast price movement over a longer period of time. For example, a 90 day pattern anticipates price movement over the long term, compared to a shorter-term 30 day pattern.

Pattern Length
Pattern Length is equivalent to Pattern Duration.

Pattern Type
The specific type of pattern for pattern-based events. Examples of Pattern Types are: Head and Shoulders Bottom, Bearish Engulfing Line, Double Top. Refer to the detailed descriptions of each pattern for specific recommendations for the use of the pattern in trading.

Possible Percentage Price Move
The percentage of the breakout price that the price is expected to move based on this event. To calculate the Possible Target Price multiply the Possible Percentage Price Move by the Breakout Price. Take the result and add for Bottom patterns and subtract for Top patterns from the Breakout Price.

Possible Target Price Range
The price range that the instrument is expected to reach. This price range is determined by analyzing the event that has occurred.