Monday, June 29, 2009

Monday Green

I meant to post this Sunday, but an attempted burglary here at the house caused me to devote all my time to hardening the perimeter and installing some security lighting and motion detectors.
This is an update from this morning's chart as of 7:30 pst. Friday's chart was a carbon copy, the only difference being the bottom technical RSI panel indicators have moved to upper resistance levels.
The mid panel technicals are bullish all around with the Qs showing both the greatest strength and the greatest chance of consolidation or reversal.
Only XLE has avoided a retracement to the lower LR30 channel band, and that's probably due to the nature of the LR30 as XLE is the ETF that's shown the largest surge over the month of June, thereby skewing the slope of the channel to the upside.
Following the pattern of these 4 charts, my short term bias for the week is selectively bullish as I continue to focus on the Qs and its components.
At the end of last week I opened a few longer term buy/writes on INTC, CSCO, MSFT and COST, each returning a potential 2%/month, with minimal downside danger (I say that now).
As of this post the rollers are all green, the Dow is up 80 and the Qs are lagging, pulled down by QCOM and RIMM. Based on past leveling behavior, I expect that lag to disappear shortly.

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