Today's trading didn't do much for me and it didn't do much for the broad market either as the big 3 indexes closed mixed.
However, despite the minimal movements in the indexes there were some very interesting things going on. Steel stocks rallied big. Phelps Dodge got bought out. LSE rejected the Nasdaq AGAIN. MRVL hit the gas. After observing today's trading and searching through some charts, I added a few stocks to my watch list.
Here they are:
GILD seems to be in an exapanding triangle. Its lows have gotten consistently lower while all highs in the last month and a half have hit resistance and bounced off around 69.90. Right now it would be best to just watch this until breaks resistance or finds support around 66.
ADBE pulled back a little today after its recent run up to 42. There is support at 40 but ADBE has not yet confirmed a trendline in this new leg upward. I plan to observe this closely over the next few days.
I'm sure I'll have more to say about these stocks as the week moves forward but for now thats it.
CM
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