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September 27, 2005
Random Rants
Stocks opened strong and finished weak. Not a good sign.
The Dow Transports continue to firm as oil remains soft. However, we still need a breakout on good volume to turn bullish.
The Nasdaq has a falling wedge working over the last two months, but Monday's bounce was not impressive.
The Dow Diamonds (DIA) formed an indecisive spinning top and this bounce off support needs more juice.
The S&P 100 ETF (OEF) closed near its low and showed relative weakness on Monday.
The VIX is creeping higher.
XLY followed through on the bullish engulfing, but Monday's black candle shows serious reservations among the bovines.
XLP attempted to move back above broken support but failed miserably as BUD weighed the sector down.
XLF: I still view the trendline break in Aug and failure at 30 as bearish until proven otherwise.
XLV is trying to firm at suppport and a break below 31 would be bearish.
XLB may be firming, but I want a breakout at 28.2 before turning bullish.
BHH managed to close strong and show some buying interest. Watch 2.35 for a pennant breakout.
BBH slipped further below its channel trendline and is now testing key support at 186.
IAH has a head-and-shoulders working over the last four months with support at 34.
HHH bounced within the falling price channel, but remains well short of a meaningful breakout.
IGN held the April trendline, but closed weak on Monday.
RKH opened on the high and closed on the low. Banks are weak.
SMH firmed near the August low and 62% retracement, but we need a stronger bounce to take support seriously.
SWH has lots of support around 35, but the damage has already been done with the break below 36.
With VoIP, who has the guts to buy the baby bells?
TLT is testing support from its March trendline.
GLD opened weak and closed strong as the bid remains in gold and gold shares.
Can XILNX complete the head-and-shoulders that has been working since May?
Is RMBS putting in a bottom?
Posted by Arthur B. Hill at September 27, 2005 09:30 AM