Monday, October 23, 2006

Charts of Today's Entries: BRCM, COST, VLO . . .and Ping Pong

Here are the charts that lead me to make today's entries.

BRCM (Broadcom Corp.):
I may have jumped the gun on this short, as the stochastics seem to be turning up from oversold territory and the stock printed a bullish hammer today. Maybe I got caught up in the poor earnings and weakness in the semiconductor sector. My stop is placed above the 50 day MA, so hopefully if the stock does bounce, it won't hit the stop and will then resume the downtrend.

COST (Costco Wholesale Corp.):

Beautiful short term pattern in thisstock. We have a nice breakout over resistance printing a long bar on heavy volume, a pullback to the gap that held with a nice long positive bar closing near the highs. My target is $54.

VLO (Valero Energy Corp.):

I've been waiting for a break of $52, and today we got it.

Off Topics:
I can't stop watching this clip of two insane ping pong players.

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