Stocks With Excellent Charts

By IBTimes Staff Reporter | February 17 2010 2:45 PM

As we await the breakout over S&P 1100 (if not today, then surely in premarket tomorrow or Friday, when all the important work is done) some chart review.

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A lot of stocks have made a quite substantial turn for the better with yesterday's low volume surge. I am seeing countless charts that look like this below - what is so interesting is how little resistance has meant when the computer go hardcore on the inverse dollar trade. It is as if the pretty red line means nothing. [click to enlarge any chart]

I can find about 200 charts that look identical to the one above - and not just the commodities or early cyclical stocks - every sector there are many. Student body left trading is alive and well. If the market melts up I'd expect all of them to run en masse.

I can find a smaller group of stocks similar to our TriQuint Semiconductor (TQNT) which have already rallied back to near mid January highs - these type of names are either about to make a double top (hence one would want to sell) or ready to make a new leg up, at which point they would be stocks to buy.

... because if they make new highs, they would be poised to act like the stocks below, which I consider the strongest charts. Many of these barely appear to have been hit by the correction ... here are some of the best of the best, from quite disparate sectors. I have not listed most of them below but we have some of the best charts in consumer non discretionary - especially basic food stocks like Sara Lee (SLE) or Tyson Foods (TSN) of all things! There are quite a few others - what that action is telling us is beyond me, other than Americans are hungry.