Posted by 7 March 2006

March 7, 2006 Stock Market Recap

We had 50-day moving averages breached all over the place today — the Nasdaq, S&P 500 and the Semiconductor Index (SOX). The SOX took the brunt of the selling with an almost 3% slide. It appears to be headed for a test of the support just above the 500 level.

Buyers did step up late in the session and were able to push the S&P back to its 50 DMA. The Nasdaq bounce wasn’t nearly as impressive. But the late buying was enough to create a lot of buyable patterns in a good number of stocks. We’ll see if the market cooperates. Here are some of the stocks I’ll be watching tomorrow — ARA, CHRW, CIB, CMI, CTSH, FAST, FFIV, GGB, GILD, GYMB, MW, NTAP, NTES, SIRF, TELK, TRN

Below are the charts of the Nasdaq, S&P 500 and the SOX:

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Comments

  1. Posted by Anonymous on March 7, 2006 at 10:05 pm

    Hi Mike,

    Looks like all those stocks you mentioned potentially forming Morning Star candlestick pattern. Am I correct?

  2. Posted by Duru on March 8, 2006 at 12:58 am

    Kramer picked up TRN Tuesday night

  3. Posted by Michael on March 8, 2006 at 7:18 am

    Anonymous — more or less. Most of those came up on my hammer or NR7 scans.

  4. Posted by Michael on March 8, 2006 at 7:18 am

    Duru,

    Damn, I guess it’ll gap up and mess up my entry!