Monday, November 28, 2005

Watch list for week of 11-28-05

Last week's watch list fared quite well. This is the week we get to find out if light holiday volume was masking a fakeout of the upper-channel line break on the nasdaq composite. I drove around a bit on Friday and didn't see much traffic for what was supposed to be the biggest shopping day of the year, but the market might not care anyway. Too many of the confirmation indicators I follow suggest not to be short of the market right now. The new highs / new lows ratio is fine, and the nasdaq summation index still shows an uptrend.

Here are the highlights from my market homework software this weekend:

There are a couple more from last week's watch list that I am still watching with interest. I suspect that breakouts in these stocks will coincide with a nasdaq breakout confirmation. If these stocks turn sour, I would expect the nasdaq to do the same:

  • ALY (triple-cup base on daily chart)

  • CRUS (cup & handle base on weekly chart)

I'm still making these blog post lists by hand, but not for long. It takes a lot of effort to take a software prototype like my market homework software and turn it into something user friendly. Sometimes it feels like my time would be better spent writing new software rather than refining something that I've already got functioning at a level that satisfies my basic needs, but I remind myself that I've made it a personal goal to build a refined set of tools that will be a foundation for cooperation with other traders and programmers.

Thanks to all the people watching this project with interest. My original goal was to have the first version of the website online by the end of the year, and I'm on pace to meet that goal.


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