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Strategies & Market Trends : Technical Analysis With Charts
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From: MACD X4/7/2007 11:37:52 AM
   of 6865
 
Some thoughts for next week

stockcharts.com|B|K14

stockcharts.com|B|K14

When looking for short term trading ideas it is good to look at the groups. Our good friend Pcyhuang brougt this to my attention some posts ago and I have been following it ever sense.

What we can see from the charts above is this

1. the oil sector has been the bright spot recently

2. oil in almost every case has a doji star in place on the last trading day. 4 7 07 This chart is updating so if you read this after 4 09 07 it will look different.

3. the oil sector in every case on these charts has extreme high %k reading on the indicator on every stock. This implys caution as this sector may be considered overbought as a group.

4. The housing sector has not been the bright spot as of late as it has been in a down turn.

5. Housing in almost every case had a reversal type up day on the last trading day. 4 07 07,

6. the housing sector in every case on these charts has extreme high %j readings on the indicator on every stock. This implys caution as this sector may be considered oversold as a group.

This is contrarian thinking and the single up day 4 07 07 may not be enough confirmation of a trend change. Further up moves may be appropriate depending on your risk guidelines toward the housing sector.
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