trendmagic
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The markets were relatively unchanged today, trading within an extremely narrow range all session long. The market is waiting for something...that something being the FED, which makes its policy decision on August 8. Technically speaking, the market had its strongest week last week since the 2003 bottom and we ended the session down fractionally. Volume was very light, clipping 1.7billion today on Nasdaq and this is another bullish sign. Nothing has changed in our opinion; we continue to see higher prices ahead in the near term. All the best!
We indicated yesterday that we were going to keep an eye on KLAC. Therefore, we wanted to post an interesting development that occurred today. The SMH(or Semiconductor Holders index tracking share) broke out of its downtrend from the May highs. This could be a very notable even, especially if they can accelerate on the breakout we had today.
We are keeping a close eye on KLAC for a potential buy signal. Along with the rest of the Semiconductors, this stock has been hammered. Our PNF target analysis called for a bottom at the 38 area but we got 39. Thats close enough for us. This stock looks to have put in a substantial bottom and has been building "cause" or more basically, traders are accumulating this stock. Volume patterns look good during this rangebound period and we look to be set up for a breakout if the 42.60 area can be taken with some conviction. Our PNF box counts suggest a move as high as 54. We'll take it step by step.
We indicated yesterday that we were going to keep an eye on KLAC. Therefore, we wanted to post an interesting development that occurred today. The SMH(or Semiconductor Holders index tracking share) broke out of its downtrend from the May highs. This could be a very notable even, especially if they can accelerate on the breakout we had today.
We are keeping a close eye on KLAC for a potential buy signal. Along with the rest of the Semiconductors, this stock has been hammered. Our PNF target analysis called for a bottom at the 38 area but we got 39. Thats close enough for us. This stock looks to have put in a substantial bottom and has been building "cause" or more basically, traders are accumulating this stock. Volume patterns look good during this rangebound period and we look to be set up for a breakout if the 42.60 area can be taken with some conviction. Our PNF box counts suggest a move as high as 54. We'll take it step by step.
