Charts of the Day AMSC, GOOG, GS, WRLD Stock Charts Harry Boxer, TheTechTrader.com

05/05/10 - http://www.TheTechTrader.com - Today were going to examine the short side as the market appears to have broken. Although today wasnt a drastically down day, it was a follow-though session for the down side. American Superconductor (AMSC) was down .33 to 27.46. Youll see on the chart that it was in a big rising channel and finally roll over in Jan/Feb bouncing in March and April, forming a bear-flag type pattern that failed at resistance, rolled over again. This stock looks like it will move down towards the 21.50 22 trading target before its over. Google (GOOG) has a long rising channel thats finally broken. This stock has been in a down channel ever since. It dropped from nearly 600 down to just about 500 before bouncing today. It was up 3.39 to 509.76, reversed near key lateral support, although initial support has been broken, secondary support provided the bounce. You can look to see this stock to get up to may be 518 520-23 zone. If it comes in low volume perhaps an opportunity. Goldman Sachs Group (GS) has been looking terrible since its plunge on the SEC investigation. Its been hitting lower lows with stops in between and a few bounces. This stock could easily come down hard, particularly if the market does. Target for GS about the 135 range and beneath that about the 115-20 range. World Acceptance Corp. (WRLD) was down 1.67 today to 33.64. On the chart it shows an ominous look of a head-and-shoulders, left shoulder-right shoulder. It seems to be pressing the neckline now and if it does break, we could see a test of the line down near 27.50, initial trading target, secondary target around 23. Other stocks on the short side on Charts of the Day are Anadarko Petroleum Corporation (APC), BlackRock, Inc. (BLK), CF Industries Holdings, Inc. (CF), Diamond Offshore Drilling Inc. (DO), FirstEnergy Corp. (FE), Jinpan International Ltd. (JST), Monsanto Co. (MON), MicroStrategy Inc. (MSTR), Perfect World Co. Ltd. (PWRD), Sohu.com Inc. (SOHU), Student Loan Corp. (STU), Telvent Git S.A. (TLVT), Unisys Corporation (UIS).
Those are some short ideas for you. Keep an eye on them if the market does snap back as the stocks I would be interested in shorting on strength. But remember, All of these stocks can be shorted on strength and as we expect we can get a rally the next day or two but the trend right now looks to be down. http://www.TheTechTrader.com Harry's Charts of the Day, published each evening Monday through Thursday, features Harry Boxer's video technical analysis on a stock in play. To learn which stocks Harry is adding to his model portfolio, including stops and targets, sign up for a Free 15-Day Trial to his Technical Trading Diary -- which includes both day trades and intermediate-term stock picks. https://www.thetechtrader.com/cgi-bin/fbuser.

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