Some Stocks That I'm Watching: MSM, MT, NKE, CN

Here are some stocks that I'm watching for the new week:

MSM
MSM had a strong day on Friday and caught my attention. It jumped above the 10-, 20-, and 30-day MAs; and, the 20-day MA just went above the 30-day MA. Volume increased and the other technical signals are turning up. They are reporting on 4/4, so we might see some pre-earnings run.

MT MT is getting increasing attention. Forbes has been writting about it, after trumpeting up LSS and STLD. Since the technical signals are bullish, I think it's something worth a look.

NKE NKE has seen some profit-taking recently. But, on Friday, it had a little jump. Most analysts are expecting NKE to be above 120. With a 2-for-1 split coming on 4/3, might be time to grab it and enjoy a little 10-15% ride up.

CN
Let's not forget about CN, especially, it seems like Chinese stocks are hot, again! After a 10-point run, the earnings is coming. If it reports well, CN can really jump!

3/28/07 Review: Nasdaq, CN

Boy, this is a tough market! Certainly, I like days that we rally; 'cause this is "happy" trading! Then, I'm more excited to look at stocks because they are much more pleasant to look at. But, you'd have to look at the chart signals, "technically", and not emotionally. So, let's see what we have:

Nasdaq closed just below the 10-day MA.
We have a support level at 2401, which now pretty much coincides with the 20-day MA. The MACD and RSI have been sliding the past couple of days. Let's take a look at the intraday chart: We see that we pretty much reached the top on 3/21 at around 2460. Didn't have quite enough momentum to push through that resistance, as most of other indicators (MACD, MFI, RSI) also topped out. Now, we have the support at around 2401. We can see that the same indicators are beginning to bottom out. The question for tomorrow, and perhaps the next couple of days, would be "would this support hold?" Can we bounce off and create a near-term range bottom to re-test 2460? We'll have to patiently, but, vigilently, wait and see. (The Nasdaq chart resembles those of the other indices, ie. SPX, DJI...etc, for the near-term.)

Now, SOX, the index for the semi-conductors, a sector that is very important for sustainable rallies in techs, really needs to get its acts together.

It closed below the mid-point level of the trading range that we've been in, at around 474 (the green line across the chart). We're now sitting right at the next support line, around 469.
Apparently, the "W" pattern that I pointed out a few days ago did not take off like last time in November. This time, we're testing the bottom from our recent bounce again. Hope the 469 level holds, or, we might test 460 level again.

Ok, let's talk about something brighter! Like Cramer says, "There's always a bull-market somewhere!"

CN had a nice day today. It showed the similar pattern as many other stocks for the past few weeks (coming up to resistance level, with upper BB very close by). But, today, it broke resistance and actually caught the upper BB.
The other indicators (MACD, MFI, RSI, and volume) are all looking great, too! We might see CN start climbing that upper BB! Go CN!!