There’s some nice setups forming in many stocks I watch.

Those China stocks that were hot last Fall have dropped back to earth and warrant some attention here. PTR, SNP and, JRJC are three with higher low pivots on the daily chart. Note the volume on the moves higher today.

Imclone Systems - IMCL looks excellent after breaking out higher today. Look at a monthly chart, and you’ll see no overhead resistance for the past 3 years. I had to enter the stock twice, as my first entry was stopped out. I guess I should have used the 60-minute chart. I sold 2/3 at 48.6 near the first day high and kept the rest.

Oh… what a difference a month makes. Doom and gloom has been replaced by a market that’s acting great for the bulls. I didn’t expect my swing trade in QLD to pay off in one day. I sold half at the open and used the 15-minute chart (which was also used for the entry) to exit the second half.

With the gap higher Friday, the SP, Dow, and Nasdaq moved over the necklines of those inverse head and shoulders formations. Next resistance becomes their downtrend lines from the highs in October of 2007. For the Nasdaq, that line is about at 2450, and moves down daily. The Dow has touched it’s resistance line, and the SPX line sits at 1410 today.

I’m bullish here short term, and expect the Nasdaq will hit that line before it decides it’s next move.