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Friday, May 5th 2006

Noon Update - NALOW, BMHC, CNXS, & MCHX

I am not going to update the major indexes today. The Dow Jones, SP500, $TRAN, $SML, $MID, $OEX are at 52 week highs. However, the COMPQ, QQQQ and SMH are the exception.

Nasdaq New Lows - $NALOW

This is the Nasdaq new lows list. Just a few days ago the Nasdaq was ready to break out to new highs for 2006. It took a few days for the Nasdaq to reverse sharply and it is now on the verge of breaking down to new lows on the new low list. In layman terms that means that fewer and fewer stocks are making new lows which is bullish. This is more important to watch right now, than watching how many stocks are making new highs. The NALOW shows how many stocks are holding up and not making new lows. That is the key thing to remember. Everything has been going higher. The top has not been called yet in anything. As far as the market goes it is headed higher.

Building Materials Holding Corp. (BMHC)

The daily chart illustrates that BMHC is in a falling wedge reversal pattern. BMHC has been trading in this falling wedge since October. It is now hitting resistance at the down trend line at $35.00. The way falling wedges work is that continue to fall until they break out. One thing to note is that falling wedges can fall on bullish divergence. You can see that on this chart of BMHC by looking at the PPO and the RSI.

CNS, Inc. (CNXS)- Weekly Chart
I added CNXS to the portfolio table on March 22nd 2006. It is in the medical / healthcare sector. I added it because it has the best chart pattern in the healthcare sector. As you can see by looking at the weekly chart, CNXS is in a falling wedge pattern. It is a low volume stock. I think this stock is going to explode higher. I do not recommend options on it. All indicators and oscillators are working on a bullish trend reversal. Furthermore, CNXS is bullish in all time frames. The Monthly chart is forming a massive cup and handle -- showing that there is no resistance above $31.27. CNXS has held support at $20.00. Today CNXS gapped up above the down trendline to close up 14% at $24.54.

Marchex Inc. (MCHX)- Daily Chart
I added MCHX to the portfolio on April 19th 2006. Entry was triggered prior to the breakout at $20.84. As you cans see, MCHX has broken out above the wedge. The price target is $32.00. I believe a short squeeze is in the works. MCHX is in a continuation wedge pattern. Indicators and oscillators are bullish. The PPO and RSI is showing bullish divergence.

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Dow Jones, SP500, $TRAN, $SML, $MID, $OEX etc: All new 52 week highs (top wasn't in )

 

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