We had a wild one today with an head-fake lower then one of those furious, 60 minute rallies followed by a sell-off to new lows on the day. That action created outside days on the indices and printed a whole lot of shooting stars and bearish engulfing patterns. To make matters worse, after the bell Microsoft revealed that Windows Vista will be delayed (shocker!). That news pushed the QQQQ down about another 12 cents.
So tomorrow should be very interesting as the S&P will probably test its breakout point. I’ll be surprised if it can hold above that point but as always, we’ll see.
Here are charts of the Nasdaq and S&P 500 as well as some individual stocks that stood out to me as I went though my scans. Those are Varian Medical Systems, Inc. (VAR), Guess?, Inc. (GES), Infosys Technologies Limited (INFY) and Intuitive Surgical, Inc. (ISRG), which all remind me of the short setups in O’Neil’s book.
And one more — here’s United Technologies Corporation (UTX) by request for Adam:
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