Exposing Ideas to the Envelope of Serendipity

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Wednesday, April 7, 2010

Charts to Consider

The Nasdaq indexes printed new 2010 highs on Tuesday, edging past long-standing resistance in the process and confirming the new highs already notched by other major and sector indexes in recent sessions. The Dow was the drag on Tuesday, spending most of the session just below the unchanged mark as many stocks consolidated recent gains in lighter turnover. Overall action has continued to be undeniably bullish, with many leading stocks breaking out into new highs on a daily basis. Nevertheless, signs of fatigue are popping up in places, with certain groups pulling back as others break out. The market phase unfolding seems to be that of a stock-picker's market rather than one where stocks move in unison to the same tune. Fortunately, there are many excellent patterns to choose from, and we should see great trading opportunities for both long and short plays in the days and weeks ahead. Those looking for short plays will need to be nimble, as counter-trend trades can reverse quickly. Let's see a long-term view of the Nasdaq Composite, and I'll add a few charts to consider for swing long potential as the day gets underway.

Trade ideas to consider:

Trade well.

-- Brinkley
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