Alski,
Checked some of your techs (I don't know their business so no fundies knowledge here).
CQ - Support at 28, resistence at 34 1/2. Since it has managed to stay within the upper BB the last few sessions, it is a candidate for upper BB surfing.
CLST - I would use midline BB as support tomorrow (8 1/4 - 8 1/2). Need to close above 10 to turn bullish provided overall techs are in good positive trend.
TECD - 46 3/4 is the resistence and may be a breakout.
NTAP - the only nagging negative is the small gap below $50. Other than that, sure look good. Assume a good fundies as well. Anyone knows about the fundies on this one?
OSX - A close above 64 would be a big positive for the near term. Leaders like RIG, RON, EVI, DO, NE are already on the upper BB. The bias is positive provided oil does not recede back to $13 - $14 in the next two days. Since these leader stocks have appreciated about 50% from their recent lows, this is traditionally profit-taking territory for a renewed optimism run (aka positive sentiment shift) since fundamentally (as measured by dayrate change and rig count) nothing has changed yet. It is hard to maintain this momentum without a drastic and solid change in oil price to $15 and higher. Elements for higher oil prices are there however, like a cold winter, weekly good API numbers, another round of OPEC cut, Mideast war, contrarian play to overall market, etc. Short term I would trade this long but would definitely set stops because when this mo-mo train stops the reverse should be harsh and severe. This is still not a trend yet - a technical trend would be 3 days of higher highs or upper BB surfing. Do remember May - Aug 1998.
The techs may continue to move into higher ground tomorrow. Other than that, there is no clear sign of the direction for next week. I would very much like to see some rally in the financials and then put them when they bump into resistence. Resistence for AFS is 65. KRB is 29 1/2 - 30.
SEV - those familiar with this need to watch this tomorrow. With the bad flowtest news and the recent big block shorts at 10, we may see SEV bombs with high volume early tomorrow and to be followed by a rebound as the shorts cover. Outside of this flowtest bad news, there are more positive news to come. However, I would not want to catch any falling knife. For longer term play (if one can wait 3-4 weeks), an average down strategy may be OK. $8 is the first support but if this is broken the hell can appear to break loose for a very short while, e.g. $5-$6. I will be busy tomorrow so I can't watch this but will set limit orders of $6 and $7. |
