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Stocks In Play For Profit

|Includes: Chesapeake Energy Corporation (CHK), JBLU, QQQ

The Powershares QQQ Trust (NSADAQ:QQQQ) surged higher last week by $1.94 to close at $46.01 ahead of the long Labor Day holiday. The NASDAQ 100 ETF lead the major indexes higher as everything in the market seemed to be in rally mode last week. So far during the summer of 2010 all of the major market indexes have rallied or made a pivot low just before a holiday. Since the August 27th pivot low the QQQQ's have rallied higher by over 7.0 percent. As you can see 2010 has been a traders market and not a buy and hold environment. The QQQQ's will have near term resistance around the $47.00 level. Should this ETF break above that resistance level then the $48.50 resistance area would come into play. The near term support areas for the QQQQ's will be around the $44.50 and $42.00 levels should this ETF decline.





Jetblue Airways Corp.(NASDAQ:JBLU) took off last week closing higher by 0.80 cents to $6.11. The stock has made a series of higher lows since the May 6th pivot low. This pattern will often lead to higher prices in the stock despite being in a long multi-month trading range. The first near term resistance area for the airline will be around the $6.50 level on the daily chart. Should the stock break out above this resistance point then the weekly resistance level at $7.00 come into play. JBLU will have weekly chart support around the $5.25 level should it decline or pullback.




Chesapeake Energy Corp.(NYSE:CHK) rallied along with most other energy stocks finishing the week higher by 0.91 cents to close at $21.72. This leading natural gas stock found a low on on August 25th at $19.68 a share. Since that time the stock has recaptured its daily 50 moving average which is short term bullish. The stock will have near term daily chart resistance around the $22.50 area and much more around the $24.00 level. Should the stock pullback or decline there will be there will be support around the $20.00 level and much more around the $18.50 area.

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