Friday, June 05, 2009

Charts

We've come a long way since the 666 bottom but as you can see bulls are still completely in control with all trends intact.    Of course even a few, long high-volume red candles could change that but until that time comes, stay long.    

However, as we mentioned in the previous post we think that the next 20% is going to be much more difficult than the last 20% and we'll be expanding our scans to look at more sectors than just our usual favorites (i.e. beyond just commodities).    We like tech a lot and are going to get busy trying to find decent tech set-ups this weekend. 


Treasuries are hanging on to support - not quite over but they have to bounce soon or trend will continue down. 



The S&P is currently working its way through resistance and if that goes then 100 and 107 next stops. 



We've enjoyed the run in commodities but if they stall we'll be looking for a rotation into tech. 


Ag-Chems were the first commodity group to run into resistance -- working it off now. 


Trannies right under resistance and and the 200 SMA


We can see IYR run up to the 200 SMA and then 40.


Gold taking a breather.   Sideways action would behoove any possible break-out in gold. 


Gold miners also consolidating. 

XLF coasting under the 200 SMA with resistance at 13 and support at 11.5.