Market Wrap- 2008 Week 8

THE TAPE:
DOW: +33 (+0.25%)
S&P: +3 (+0.22%)
NASDAQ: -18 (-0.71%)
RUSSELL: -6 (-0.84%)

THE STORY:

There really is no story here. I suppose the only item of note would be the tremendous late Friday rally. It looked like we were going to break the recently mentioned triangle to the downside for the majority of Friday until the last 30 minute rally by the bulls which kept the pattern intact. Take a look at some S&P charts:


Now zoomed in to a 5 day chart:



As far as charts for next week, we are still looking at quite a few triangles. The next list is comprised of stocks that have already broken, but are retesting for support/resistance levels for low risk re-entry/adds:

ADM, AEM, BVN, EDU, GOLD, NOV, YUM

The following are stocks that we are still patiently waiting on:

BCE, BCR, DIA, IWM, LM, LRCX, QQQQ, SPY, SWK

Lastly, I want to talk about MYGN for the final time. I took profits on this triangle play a couple of days ago right at the bottom. This will be our prime example of a descending triangle moving forward. Take a look at the charts:



Now zoomed in:


Final topic(s):

Moving into next week, lets just be patient and wait for a break in the major markets to pick a bias. Let me stress the word patient again... go back up and look at the chart from Friday on the S&P. If you go all in too early and get whipped out, its going to hurt, and then you are going to be too timid to get in on the real break and will miss out on quite a bit of profit.

I noticed a spike in user volume on Friday. This tells me that there are quite a few people interested in my Market Wrap posts. I would like to hear from you in the comments section. Whatever you want to learn/talk about is important for this particular topic. I will try my hand at an online poll, but until then let me know your thoughts. Thanks.

*UPDATE*
The online poll is open until next Thursday. Please only vote once so there is no skew in the results. You can find the poll on the left side of the blog under the "about me" section.