Now that the expiration games pinning is out of the way we can see what the market really wants to do. I'm still not thrilled with the 'quality' of the recent breakout -- the Nasdaq hasn't joined in yet and volume is just OK. Nevertheless, the S&P chart looks pretty good and I certainly wouldn't be trying to fight the upward momentum. But after 6 up days in a row, with it bumping up against its upper Bollinger Band and overbought stochastic I won't be surprised to see some consolidation.
Here are charts of the Nasdaq, S&P 500, Neoware Systems (NWRE), D.R. Horton (DHI), IntercontinentalExchange (ICE) and Google:
DR Horton, along with a few other home builders popped up on my bearish scans:
And by request, here's Google once again:
Thanks for the charts Mike, they are the best out there. If I had any money I'd go all in shorting DHI, nice one.
Goog bottom 5 waves down comp.