Chart Reading...

Fed meeting is coming up and equity investors seem like they're in the duldrums. We sell off in the morning and catching a market hiccup only to head higher and close almost unchanged 3 points.

Let's look at some charts and see what they have to say...
What's been on my mind lately is Research in Motion (RIMM), this stock has been on a tear these last few days. I have a few theories from news events and market conditions. Initially I expected RIMM to tank and touch down on some serious support, but then the NASDAQ had been up 8 points here, 16 points there, so of course RIMM will follow suit and advance higher. First off the Canadian market has been up, and RIMM being a Canadian stock will be lead by the sentiment. Also, Motorola (MOT) failed to accept Mr. Billionaire Investor Carl Ichan as a board member who would try to turn things around for the best. This indirectly affects RIMM because it means less competition, and therefore more sales.



It is approaching 52 week high levels at this point, in which it has always turned down. I would wait to see if it breaks out above this $147.50 - $148.00 level. If it fails to breakout, it would make as a prime SHORT canidate, especially if the market gets a nice pullback. Add it to the watchlist.

OIL! Very weak, as of late, but of course the conspiracy behind Nigeria and the terrorist attacks driving the prices higher, hm now I wonder if they get long oil futures in a highly funded brokerage account before they hi-jack rigs, and set off bombs on oil fields? I guess we'll never know! But the world sure does know about the couple in Hong Kong that profited $8 million USD from the Dow Jones (DJ) Deal!! The SEC has frozen their accounts, big whoop, it's RED CHINA! Give up!

Here are some of the oil, and energy stocks I'm watching, look at which are hanging near their moving averages and which have pulled substantially higher!



Peabody Energy (BTU) has a short term chart which in my opinion you could short the pullback before you buy on weakness and put on a longer term position. One would be looking for BTU to take out that almighty $50 level in order to advance higher. Check it..