Things are finally looking a little better for the bulls. Yesterday's long overdue rally brought the Dow and NASDAQ back above their 200 day moving averages. So now all of the major indices are in the no-man's-land of being between their 50 and 200 day moving averages. The QQQ looks like it wants to lead the way higher -- it leapt above both its 200 and 50 day moving averages yesterday. I've also noticed that a lot of stocks have risen back above their middle Bollinger Band (also the 20 DMA on my charts) the last few days. Now the $1,000,000 question is will we have any follow through. I'm gonna try to be more of an optimist than I usually am and give my stops a little wiggle room.
I don't see very much that I want to initiate at this juncture. I have a handful of potential longs on my list this morning. But it looks like there will be some good day trades in the security plays today based on the heightened terrorism fears today. The usual suspects will be on my screens today:
(from Briefing.com) 08:19 Homeland security stocks find bid on new terror concerns: IPIX +10.5%, TBUS +10.6%, MACE +11%, MAGS +5.3%, ISNS +3.3%
Amazing how similar the charts look on a lot of those. Can't believe MACE was the big winner given what the copmany really does! You should also point peeps to your blog entry describing IPIX's last earnings report as perhaps the worst ever. That was such a joke! I wonder whether the stock can hit infinity before they go out of business?