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Markets started the week Monday without much fanfare. Nothing resembling the former “mutual fund Mondays”, we were accustomed to last year. The S&P 500 continues to meander near the big round 1500 level, while the Nasdaq which has advanced 5 of the last 6 weeks on decent volume is about 1% away from challenging a flat base trigger of its own near 3196. That would correspond with more than decade old highs. The S&P 500 is obviously much closer to all times highs which lie a bit more that 3% away. Today was practically non existent on the breakout front. NTGR, a lowly rated networker (RKUS XXIA CSCO leaders in the sector) did take out a 40.38 cup with handle trigger. MAN did manage to take out a 48.38 flat base trigger in soft trade, and UGP also recorded a 23.23 double bottom with handle pivot. Keep an eye on SMTC which is quickly becoming one of my favorite semiconductors as it is resting just south of a 30.22 cup with handle trigger. Tomorrow YHOO will be closely examined as it reported numbers that were well received, up 4% after the close. It is well ahead of its 3 week tight trigger of 19.85 it took out 12/21/12. The way it is looking right now a retest may not occur, but the better traders prepare themselves for every possibility.Sign Up to Continue Reading