Weekend Update - COMPQ, SPY, GPRO


Nasdaq Composite (COMPQ) 60 min
The 60 minute chart of the COMPQ shows that it is consolidating in a trading range for the last 3 months. It is illustrating the battle between the bulls and bears. At the top bulls feel victory and want to buy more. At the bottom bulls want to stop out and go bearish. This also makes stocks volatile and have a tendency to whipsaw. I believe that we will eventually break out of this range and move up violently to the North. As you can see all the indicators and oscillators are bullish. If the nasdaq can make new highs it will need the help of the chips. Without the chips it will probably just continue to trade in its current range of 2230-2330.

S&P 500 SPDR's ETF (SPY) weekly
The SPY weekly chart continues to consolidate within its Reverse symmetrical triangle and yet it is holding its uptrend channel. This week the SPY broke through the uptrend line for the third time and shot through it with a nice clear candle up. This week the SPY closed up 1.98% at 130.62. This leads me to conclude that the SPY is in a RST continuation triangle. This will cause a fast rally upwards because the wave will be a wave 3 up of 5.

Gen-Probe, Inc. (GPRO)
This week GPRO as you can see on the weekly chart has broken out of its slim jim rectangle. This week it closed up 5.82% at $54.95. There is no resistance above because there is no over head supply. If you look at the indicators you can see that the indicators are making higher highs along with price. That is bullish. Should it backtest the uptrend I would add to my position. Therefore, GPRO remains poised for higher prices ahead. I do have a lofty price target on GPRO. It is also a stock scan pick.