After going through 600 odd charts, here are some setups I like heading into next week. As an interesting sidenote, there were at least same number of setups that looked good until a couple of days ago, but are showing signs of breaking down now. In my opinion, the low volatility exhibited by the major indices in the last week is hiding a lot of volatility underneath. This volatility is great if you can play momentum stocks but as I wrote earlier this weekend, the market breadth is exhibiting signs of negative divergence and inspite of the relaxed holiday atmosphere out there even when it comes to the markets, this is no time to get complacent.
ADI - Has a history of moving up after flagging. Like the risk-reward ratio here with a stop below MA(20).
WCC - Was in the watchlist on Thursday. Huge short float. Nice close on Friday and the close over 51.70 was important. The huge short float means that this could really explode.
HLIT - Like the intraday action on Friday and the close on the highs of the day. Like it as a day trade on a break of 8.30.
ANF - Bullish volume pattern. 57.11, right where it closed on Friday, is the top of the trading range. The gap support will be further strengthened by the presence of approaching MA(20).
DECK - Bullish volume pattern. Made new highs on Friday and looks good for more.
KKD - Consolidating nicely after a big move up. Strong support at 7.25. Watch out for a break of 7.70
SLXP - Flagging nicely after a breakout. Look out for a secondary breakout on a break of Wednesday's highs.
PDS - Nice intraday recovery on Friday. Always good to see volume come in on support. On breakout watch over 9.75.
GNTX - Consolidating in a nice tight range on low volume after a breakout. Watch out for a move over 30.
FCS - A nice uptrend with the stock almost doubling in the last three months. Ideally, would like it to consolidate a little more, allowing MA(20) to catch up.
MCRL - Volume showing signs of picking up.Watch out for a break of 13.80.
Take care and good luck!