Nightly Update
NASDAQ Intraday update (COMPQ)- 60 min
On the 60 minute chart you can see that it is in a neutral symmetrical triangle pattern. As you can see the COMPQ has broken out of the triangle is now backtesting the downtrend line. Indicators and oscillators are bullish, especially the PPO which is in a bullish divergence. Today the COMPQ closed up 0.22% at 2267.03
The Gold Bugs Index - Amex (HUI)-Daily
The daily chart of the HUI illustrates that it is completing a wave 3 to 4 /ABC pullback to the uptrend line at 278.47. The HUI should not overlap the previous wave 1 to 2 high at 250.33. Should overlapping occur the HUI will be in a deeper correction. Otherwise, as long as 278.47 hold the HUI should go higher. The indicators and oscillators are still bearish although the stochastics look oversold and about to turn up.
The Tokyo Nikkei Average (NIKK)- Daily
I am updating the NIKK because I believe the backtest to the uptrend line on the Daily chart is over. As you can see from the chart, the NIKK held the uptrend line at 15553.10 and formed a doji there. It then rallied sharply upwards ever since and has broken the downtrend line out of the symmetrical triangle. I believe the NIKK goes higher from here. All indicators are bullish. The PPO is turning up and the stochastics are as well. If you want to play the NIKK, I would recommend that you look at the Japan i shares ETF.
The Semiconductor Index (SOX)- Weekly
The weekly chart of the SOX shows that it is currently in a wave 3 to 4 pull back. The moving averages are holding up nicely and we re just waiting on a reversal to the upside. It is highly unlikely that we will cross the 200 week moving average.
Celgene Corp. (CELG) -Daily
As you can see from looking at the daily chart, CELG is in a pullback off the highs. It is in the process of forming a bull flag. A break of the short term down trend line at $39.00 is confirmation that the lows at $38.09 are in place. Indicators and oscillators are bullish.
Gen-Probe, Inc. (GPRO)- Weekly
GPRO on the weekly illustrates that it is in a 2 year rectangle/ slim jim. Price keeps moving up. I do have a lofty target on GPRO. It is also a stock scan pick. If you look at the indicators you can see that the indicators are making higher highs along with price. That is bullish. Therefore, GPRO remains poised for higher prices ahead.
Phazar Corp. (ANTP)- 60 min
The 60 min chart shows that ANTP is in a falling wedge reversal. It is currently pulling back from it's highs and it may go all the way down to test the down trend line or fill the gap. Should this turn out to be the case, the longer term uptrend line would still not be broken.
