| Chart Updates $HGX $SPX QQQQ NUE $CRX |
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| Tuesday, March 14, 2006 |
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News Flow Today (This was a hoot to watch today)
If you accidently gained 30 additional "unexpected pounds" you might be sleep walking. This medication is now the blame for accidental pork chop eating. I think we can take this one step further, any bad stock picks we can now blame "sleep walking".......ya that's it (We always have to keep an eye on the news, after all we never know where the next bone head idea will come from.)
GENERIC NAME: zolpidem
BRAND NAME: Ambien<---Breaking news (now the leading cause of "hey who ate the refrigerator last night"?)
Nightly Update
S&P 500 chart (SPX)
Not much new to go over this evening. Nothing has really changed. The S&P is at new all time 52 weeks highs at 1297.48. The SPX Target still remains higher at 1304 upwards to as high as 1334, higher end most likely.
Portfolio Stocks
Portfolio stocks are not broken. Some stocks are stalling. The markets like to fool most of the people most of the time -- and it does this by stalling. Stocks that are in corrections are not broken and do not mean that they have failed. However, stocks that have reached new highs or are frothy and have stalled may mean it is time to sell those. There are lots of new set ups. There are lots of stocks issuing buy signals from the stock scan for example. This is a healthy sign. In the meantime, keep the stocks that you have that have not broken their uptrend lines and look like they may start to work. If you can, keep small and mid cap stocks in your portfolios.
Commodity Related Equity Index stocks- Morgan Stanley (CRX)
The top does not look to be in the commodity index. The CRX is currently completing an ABC correction and there is no overlapping which means that there is still strength in the commodity sectors. Metal stocks and Oil stocks are starting to look good again. Since the commodity index has not topped it indicates that the market top is not yet in.
Nucor Corp. (NUE) , NASDAQ 100 shares (QQQQ), Housing Index-Philadelphia (HGX)
The reason I am bringing up the chart of NUE is to discuss the topic of pattern failures in charts. What looks like NUE last year at this point in time. Well, the NASDAQ, the QQQQ's, and the HGX look like the chart of NUE. They are looking like patterns failures. The HGX and the QQQQ charts are both currently looking like a head and shoulders tops, but with the last few days action you can see a reversal to the North showing that the pattern has failed and is now reversing back upwards. Look at the large candle sticks up and the stochastics turning upwards in both charts indicates that this may be a buying opportunity.
$SPX--I will have more tomorrow, but for now same as before...........no change (and expect higher prices)
$CRX
NUE (SENT IN BY A SUBSCRIBER)
$HGX
QQQQ
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