ChartSmarter Thursday Game Plan 7/3/14

Markets ended little changed Wednesday and I mean little, as the Nasdaq finished lower fractionally less than one point. That action has to be considered bullish given Tuesday’s 50 point advance. For the week headed into Thursday, the last trading session of the week, the Nasdaq is higher by almost a double over the S&P 500’s, by a 1.36% gain with the S&P 500 up .7%. They are now even on a YTD basis. Thursday saw why the rails have been muscular all year long with GBX flying higher by 12% after reporting earnings. The stock is up an impressive 165% over the last one year period and trading now at all time highs. Notice the tight trade the stock has exhibited going back well over a year. This is a trait of a leading stock. As well look at it earnings history. It did fall 2.4% its prior time reporting on 4/3, but before that rose 3.2% on 1/8 and 12.1% on 11/7/13. WAB in the group is just pennies below a good looking 83.87 cup with high handle trigger. Volume was very strong today, and look for a CLOSE above that pivot point perhaps tomorrow. RAIL is another name in the sector, that could be ready to drive its way above a current symmetrical triangle formation. It is a laggard in the group, but is it ready to play catch up? Only time will tell and as always wait for price CONFIRMATION to enter.