SPX makes new highs on Friday forming a bull flag.  Dow made new highs as well and the NDX is not far behind.  Chart is still in a long term up trending channel since March 2009.  It is in the upper range of an intermediate channel but has room to move.  NDX has a quadruple top in this area.  The more times it tries the more likely it goes.

The transportation index is at the bottom of the channel and looks to be in wave 4 of a 5 wave move.  If the other indices carry on, we will need the Trannies to confirm.

The Russel 2000 (IWM) appears to be in a long period of consolidation in wave 4 of a 5 wave pattern.  If the other indices go we should see IWM take off as well.  All the charts are looking very bullish and we should see the 5th wave start.

Financials (FAS) has been the weak sister of the leading ETFs.  But with the other sectors strong I think this setting up for a big short squeeze for the market.

Semiconductors (SMH) one of the market leaders, has broken out to new all time high.  The big semis are either trading at new highs or right at break out levels.  This sector looks to lead the markets higher.

Biotechs (LABU, XBI, BIB) are forming a flag pattern after a strong move up and through lateral resistance and holding support.    Biotechs look to be consolidating for the next move up.  

Gold (GLD) recently broke through the declining tops line and lateral resistance and now is trading at the top of the up trending channel.  Naturally, it has pulled back but in an orderly fashion.  The GLD and the miner ETFs (GDX, NUGT, JNUG, GDXJ) are all trading at support levels.  I think they are in a buying range for moves much higher.

ABEO: A stock of have been following and trading recently.  After a strong move up last month it formed a wedge pattern. Right at the apex, an upgrade came out and the stock spiked higher to $17.30 closing at $17.20 (my price target from my earlier watch list).  It is at lateral resistance and at the top of the up trending channel.  But if it can pop through with energy I would look to go long over $17.30 with $21.00 as the new price target.  Short ratio, 8.1 days to cover.

AKBA:  I first alerted this stock in the $11.00 range and it has been in a strong up trend ever since.  It flags, pops, flags, pops.  On Friday it traded as high as $17.70 closing at $17.30.  It needs to get through $18.00 where I would target $22.00.  Short ratio, 6 days to cover.

AXTI: Stock has been in a rising channel for the past year and recently spiked up to $9.50.  On Friday it traded to $8.80 closing right at the high.  This is lateral resistance for it here, but there seems to be a lot of momentum for the stock and over $9.00 I would go long with adds over $9.50.  $12.00 is the price target. Short ratio, 3.5 days to cover.

COHU: Stock looks to have made a reverse head and shoulders patter and is trading right at the neck line.  It has broken through the declining tops line but needs to trade above $20.20.  I would look for it to trade to the high put in in May at $22.00 and above that $24.00.  

CORT: Stock has been a strong trader since I alerted it at $16.00 a few seeks ago.  It is trading right at the recent highs and looks to go higher.  Over $18.30 and I think we are going to see $21.00.  Short ratio, 5.3 days to cover.

DIOD: Stock made a double top on Friday at $28.90.  It has a good fundamental story and if this stock can get through the double top, then $30.00 an d$33.00 are the targets.  

HALO: Stock had been forming a base for the last year or so and on Thursday gapped out above the triple top at $15.10.  On Friday it continued and traded as high as $16.65 closing at $16.25.  When a stock trades like this, I think it is destined to go higher.  Over $16.65 and the stock is headed to $17.50 and $19.00.  With a short ratio of 27.3 days to cover I would say the squeeze is on.

INOV:  After a big pop up the stock is now wedging.  I would look to take a starter at $17.25 and add over $17.90.  Price target $20.00 and $24.00.  Short ratio, 19.4 days to cover so the short squeeze could add a lot of momentum to this stock.

MRTX: After the big gap up from $4.75 to a high of $12.50, the stock has been consolidating in a coil formation.  I wouldn't be surprised to see the next move higher.  I will look to start around $11.90 with adds over $12.50.  Price target $15.50.  Below $11.00 and I would be gone.  Short ratio 9.1 days to cover.

RADA: A thinly traded stock that volume has come into.  Usually a good sign.  It is in an up trending channel and held support at $2.75.  It needs to trade through $3.25 with $4.00 and then $5.00 as targets.

VCEL: Nice looking chart.  Stock broke out above its base of $3.75 late August and traded as high as $4.70.  It is, now, forming a wedge.  A move above $4.55 and I would look to go long with adds over $4.75.  Target, $5.25 and $6.00.  

VSTM: After a pop out of the wedge formation back in August it traded at high as $5.75.  Since then it has been consolidating.  I think in this area I will take a starter position with adds over $5.75.  Price target is $7.00 and $8.00.  Short ratio 3 days to cover.