Trend Notes: 8/24/2006
Trend Notes for Thursday, August 24, 2006
LH: I said on Tuesday this one was toppy, and it has done a bit about it. The move down, so far, isn't much, but it is enough to set a new stop if we make a new high. It looks to me like today may just mark the bottom of this very slight correction. very slight corrections have been the norm of late.
ECL: Just as I suspected, the bottom of the correction appears to be in place. a little volume build to push the next leg up will make me a happy camper.
OKE: I don't know what to think about this one right now. It formed an ugly looking shapeless top and has been sliding since. With any luck, it will arrest its correction. The stop price is only 1.4% from today's close, so it is teetering. Volume isn't giving away any secrets.
RAI: In the midst of a down leg, volume is drifting lower. The pattern looks terrific. I'm hopeful we're building a big one here.
CXW: Another down day on declining volume, the stock is just above the intermediate -low from a few days ago. If we can get this down leg turned around fairly soon, we'll have a stop mover.
TXU: Pretty big volume on a gap down day. Doji candle stick formed. Is this blowoff selling at the top? I sure hope so.
FE: I keep wanting to see signs of life. Or death. Something. Anything.
HCR: Not a lot of volume attached to the ugly black candlesticks of the past two days. I think we'll find enough support in here very soon to get the next bump started. The current stop should give it enough room to move.
LNT: The volume bounce off of the double bottom a couple days ago, as expected, seems to have meant something. That day was followed by some healthy churn on a bad market day yesterday, and a nice move on averageish volume today. We'll likely bump around for a bit before reaching a new high.
SBIB: Today's stick looks like a bottom signal. Time to fuel up for the next leg up.
XOM: Pushed up to a legit new high today. The chart is taking a readable form.
CMCSA: I get the feeling this guy wants to back up and take a fresh run at new territory. Consolidation it is stuck in is still quite young.
ALJ: The slow leak continues, but volume is steadily lower and the sticks are looking like a loaded spring. Which way? Doji hammer today leads me to believe we're around the bottom.
LTR: Churning at the top. It may be able to break through from the sideways pattern, or it may need to back up and take a run.
GIS: This one is pretty new to the portfolio, but support at the breakout has been successfully tested.
LH: I said on Tuesday this one was toppy, and it has done a bit about it. The move down, so far, isn't much, but it is enough to set a new stop if we make a new high. It looks to me like today may just mark the bottom of this very slight correction. very slight corrections have been the norm of late.
ECL: Just as I suspected, the bottom of the correction appears to be in place. a little volume build to push the next leg up will make me a happy camper.
OKE: I don't know what to think about this one right now. It formed an ugly looking shapeless top and has been sliding since. With any luck, it will arrest its correction. The stop price is only 1.4% from today's close, so it is teetering. Volume isn't giving away any secrets.
RAI: In the midst of a down leg, volume is drifting lower. The pattern looks terrific. I'm hopeful we're building a big one here.
CXW: Another down day on declining volume, the stock is just above the intermediate -low from a few days ago. If we can get this down leg turned around fairly soon, we'll have a stop mover.
TXU: Pretty big volume on a gap down day. Doji candle stick formed. Is this blowoff selling at the top? I sure hope so.
FE: I keep wanting to see signs of life. Or death. Something. Anything.
HCR: Not a lot of volume attached to the ugly black candlesticks of the past two days. I think we'll find enough support in here very soon to get the next bump started. The current stop should give it enough room to move.
LNT: The volume bounce off of the double bottom a couple days ago, as expected, seems to have meant something. That day was followed by some healthy churn on a bad market day yesterday, and a nice move on averageish volume today. We'll likely bump around for a bit before reaching a new high.
SBIB: Today's stick looks like a bottom signal. Time to fuel up for the next leg up.
XOM: Pushed up to a legit new high today. The chart is taking a readable form.
CMCSA: I get the feeling this guy wants to back up and take a fresh run at new territory. Consolidation it is stuck in is still quite young.
ALJ: The slow leak continues, but volume is steadily lower and the sticks are looking like a loaded spring. Which way? Doji hammer today leads me to believe we're around the bottom.
LTR: Churning at the top. It may be able to break through from the sideways pattern, or it may need to back up and take a run.
GIS: This one is pretty new to the portfolio, but support at the breakout has been successfully tested.
posted by mccrok @ 10:02 PM
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