The indices stabilized today in very subdued, low volume trading. I saw a ton of bullish setups & patterns in when I went through my scans tonight. There were a lot of hammers, bullish engulfing patterns and NR7 bars made today. And as you'll see in the charts below there a re a whole lot of pennants out there. My concerns with all these setups are:
- Will there be enough volume tomorrow to 'legitimize' any moves that trigger entries given that it seems like half of Wall Street is already gone for the long weekend.
- Since so many stocks have earnings reports due next week holding on to some of these could be hazardous to one's wealth.
In addition to charts of the S&P and Nasdaq I'm posting some of the charts that grabbed my attention tonight. They are: Apple Computer, Inc. (AAPL), Computer Sciences Corp. (CSC), Palm, Inc. (PALM), RSA Security Inc. (RSAS), Silicon Laboratories (SLAB), Intevac, Inc. (IVAC), Union Pacific Corp. (UNP), Moody's Corporation (MCO), Vulcan Materials Company (VMC), Neoware, Inc. (Nasdaq: NWRE) and Eagle Materials, Inc. (EXP). I was surprised to see so many f the same setups across such a variety of industries. Must be some kind of omen...
