Today’s stock market trading brought us once again, an intraday rally. Four days in a row with significant rallies each day. Yet, we’re still at the point we were two weeks ago. Could those who know be gapping the market down each day, and selling into the strength of these intraday bursts? We’ll find out. I’m not going to get too excited until the Nasdaq closes over that recent red, wide range bar at the end of February.
NYX and ICE were active today near the close, but going in opposite directions. Key in on that weekly chart of ICE. The first significant pullback, since the run that started in September, triggered a buy over 125.20 this week. A quick break below 119.42 could send the stock down another 20 points where the 50 ma would catch up with it. On my radar.
ILF closed strong yesterday, but I hesitated on buying and holding overnight. Decent gap this morning, and a high intraday base the rest of the day.
Gold stocks, and the XAU have some open air above, but will have to contend with the red, wide range bar on 02-27-07.
IAH, the Internet Architecture holdr, has found resistance at the 50 day moving average, along with two of it’s highly weighted components, IBM and HPQ.
{ 3 comments… read them below or add one }
Hey man, new to the blog but wanted to give some props on the charts ! Look forward to making this a daily read for me. Have a good one!
O btw, Nice usage of the 50 DMA, I love that line…
Blain,
Thanks for stopping by. I keep my charts fairly simple, and would be lost without the 50dma.
Mike