3/21/2007 Review: Nasdaq, SMH, SOX, GOOG, AKAM, WFR, FFIV, RIMM, LVS, UNH

It was a great day!! Thanks Feds! Let the bulls run!! I tried to stay positive since I started this blog on Sunday 3/18, hoping that the Feds will help spark a broad-based rally. Or, maybe the bulls are just looking for an excuse to rally. A few days before the selloff at the end of February, I read an article somewhere (forgot where), which said that we needed a sharp, quick correction before going even higher. So, when the selloff came, and it came sharp and fast, I was convinced that we are going to bounce off and head for even higher grounds. Let's hope that this is what's ahead of us.

Let's take a look at Nasdaq:

Nasdaq closed above all 10, 20, and 30-day MAs. I would very much like to see the 20-day MA start to turn up. Nasdaq's MACD got a big jump up today! Nice!

We talked about the semi-conductors for the past few days and looked at SMH. SMH did well today, but, SOX did even better!

SOX's chart looks really good. It closed above all MAs, and the MAs are curving up! MACD turned positive and the upper BB has already opened up. We really need this sector and the telecoms to continue to rally to help boost Nasdaq up!


Last night, I was looking for GOOG to make a big jump and go above the MAs. It "almost" did that today.

GOOG closed right at the 30-day MA. The MACD turned positive and we have a pretty good up volume. Hopefully, it'll try to break 465 this week. If GOOG catches the upper BB, it can fly!

AKAM has been taking things slowly, and, it finally woke up today.Like GOOG, it also closed right at the 30-day MA. It needs to break 55 and catch the upper BB. MACD, MFI, RSI are all good; the best thing is the "big" volume today!

UNH has been toying with the resistance at around 54.1 for a long time. It finally broke out today!

UNH also caught the upper BB today, so, I think it'll go up more in the days to come! The volume was also good today.


Last night, when I looked at POT, I thought POT would try for 166 today. It did well, but, didn't quite make it to 166. Its MACD just turned positive and the upper BB is not too far away. Its intraday charts are a bit toppy. Hopefully, it will be able to hold the present gains and try to break 166 next week.

WFR went crazy today, toppying 61!! That's over 6 points and a 12% gain in 2 days! RIMM also made a jump today. FFIV has made a nice advance.

So, after a big day like this, many of the intraday charts are getting toppy. We might have some choppiness tomorrow. But, I hope the bulls will be able to pull out some follow-throughs. I'm looking for Nasdaq to test 2500 sometime next week. If the SOX runs with strength, it could easily catch the upper BB around 490 and break out!