Thursday, June 5, 2008

AAPL | GNK | NIHD | XOM ... SPY | QQQQ | IWM | DIA

The bulls had a huge technical day today.

Expect a strong finish into the weekend, as today's buying seems anticipatory of Friday's (likely positive) unemployment report. That said, I'm not jumping with both feet on the bullish bandwagon yet.

Speaking of technicals, USO did exactly what my trendline told it to do!








Major Indices (or ETFs thereof):
SPY - not out the woods yet
QQQQ - barely brokeout today
IWM - big breakout
DIA - still pretty ugly

When looking at the 'market' never draw your conclusions by looking at just one index - look at what they are collectively showing you.


Other Thoughts:
AAPL - own it
GNK - possible H&S when I step back and look at the 3 yr chart
NIHD - breakout
XOM - ascending triangle (3 yr chart)
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