The market takes another pounding pushing the scan time out to 40 minutes from yesterday's 22 minutes (and the prior days minutes). Large caps are taking the brunt of the beating but it is interesting to see the semiconductor index escape the bearish wrath for a second day, given how hard this index took it on the chin from February highs. There is no real standout amongst the Trade Ideas picks. PPDI has perhaps the best risk:reward given its positive test of the 50-day MA and relative position inside a 2-month base. CMRG takes second prize, although I would be happier to see $10.25 breached on volume. This was featured on my parent site back in March . In terms of frequency of appearance on the scan: KYE , PVX and PGH take the honors at 4 times apiece. Trade Ideas If you would like to try a full version of the Trade-Ideas software, follow this link for a free 7-day trial.

Nervy action across the board limited the number of stocks making moves on the Trade Ideas scan. Today's selection covered 22 minutes of the softwares time. Most frequent stock to appear was USO at 6 times , followed by MWIV at 5 and PPX at 3 . USO could go gagga if $72.50 is breached with a point-n-figure target of $84 not out of the question. Stops can go on a loss of $65. MWIV , although thinly traded is worth keeping on a watch list. Break of $37 could see a nice move given the low liquidty. HMSY might have the best risk:reward of the 8 stocks. Stops go on a loss of $10, but this should challenge $15 (decent buying spikes on the daily chart) and the point-n-figure chart holds to a $23 price target. Trade Ideas If you would like to try a full version of the Trade-Ideas software, follow this link for a free 7-day trial.

Two more stocks bite the dust as the NASDAQ 100 followed the semiconductor index with new lows. Expect the NASDAQ to follow suit soon. Difficult times to be a stock picker. The following two stocks were knocked out yesterday. Unfortunately, one ( HRZ ) was a little too tight on the stop as the chart remains in good shape. The other ( FVE ) was a valid stop hit with no regrets - other than the -$531 loss on the 900 share lot. HRZ had pushed solid gains from its lows of $13.00 to highs of $16.79. The last 5 (now 6) days have produced some tight trading, typical of a consolidation which follows the trend and should continue to do so. The weeks action allows for a low risk entry with a stop in the $16.10s, but for my purposes the 800 share lot has closed for a +$2,432 gain. HRZ FVE

“Getting Started in Chart Patterns” is an excellent reference guide and one of the few books on the market which reports the performance of individual chart patterns (based on Tom’s extensive testing). Certainly it is a good leader to Tom’s mothership book, “Encyclopedia of Chart patterns” and is a bargain at $20 (even more so at the $13 Amazon is offering the book). One of my pet peeves when I first got interested in Technical Analysis was the cost of many of the books and it was hard to find cheap books which provide a feeler as to what Technical Analysis is all about. Other than the “Encyclopedia” there is no other book out there of its type and is worth having on this merit alone. The book is not without its faults. First and foremost was the irritating use of “Jake” as the protagonist of the real-world trades offered as examples throughout. The conversational style employed to describe the trades didn’t fit with the cold facts offered by the rest of the book and came across as

Share ideas were flying off the Trade Ideas scan as the post-lunch rally took hold on Wall Street. Good volume in the tech averages (much needed given their precarious state) was the first indication of life in the bulls after a series of small losses. Much work still to do however. Some good charts: TEF is working the right-hand-side of an 18-month base. Stops go on a loss of $48, resistance at $51. Projected target $60 (which also corresponds to the point-n-figure chart target, part of the July 3rd ascending triple top breakout). In the same vein is the Spanish iShares, EWP . Watch for break of $43, stops on loss of $42 and look for move to $50. Mature stage rally but the 40-week has been support on three occasions (July 2005, November 2005 and June 2006). RPF is a Realty fund challenging $23 resistance with support at $22.60. Excellent low risk entry here. Look for short term move to $25 but point-n-figure chart target of $34.50 is not outside the realms of possibility, part of a

It is still early days for my KIVA trial - the amount of exposure I can afford will be depend on the default rate but ideally I would like to be able to channel all subscription revenue through a program like KIVA's and let recipients of the money pay for the member's subscription. It would be a 'double' use of the money: [1] for the entrepreneur's business and [2] the membership subscription. Partnering with a title blog sponsor who could match contributions would increase the viability of this blog. How would this work? [1] Sponsor matches contribution of members subscribing to www.blog.fallondpicks.com [2] This contribution is channeled through Fallond Stock Picks Inc into KIVA's program (i.e. KIVA repayments are used to pay for sponsors advertising) [3] The sponsor receives web site advertising (just as they would if paying directly for it) for the length of time they decide to support my site. [4] KIVA loan recipients pay for the sponsoring advertising. [5]

It may have been a mixed day for the markets but the Trade Ideas scan was able to come up with some possibilities. The two featuring the most into the day's close were AGO and ICF , the former featured four and the latter three times. In ICF 's case there is a four month base in development with resistance at $87 and support at $83. The projected target is $97 and stops can go on a loss of $84. The point-n-figure chart holds to a double top breakout from July 3rd with a price target of $99. AGO has stalled at key $26 resistance from Feburary and March. Supply again crops up at $27. One to watch - wait for volume break of $27 before getting excited. One of the better charts is CGI . Breakout buyers should wait for a move to $31.50, but there is a solid 17-month base taking shape with key resistance at $34. A move to $32 will trigger a breakout on the point-n-figure chart and negate the current (bearish) target of $20. Trade Ideas If you would like to try a full version