Clear Skies for Nasdaq's Ascent

When I had no commentary one day last week, one reader accused me of being lazy.

Well today, as I'm just getting back in the swing after being in Philadelphia for the past four days with the family (more on that below), I take the view that I'm pacing myself!

In today's charts, the Nasdaq's straight-line move becomes more dangerous with each passing day, but as the chart shows, there's no clear resistance until we hit the highs from February and March.

Today, the Nasdaq, Littelfuse (LFUS - commentary - Cramer's Take), United Industrial (UIC - commentary - Cramer's Take), Amazon (AMZN - commentary - Cramer's Take), Petroleum Development (PETD - commentary - Cramer's Take) and McDonald's (MCD - commentary - Cramer's Take).

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Charts produced by TC2000, which is a registered trademark of Worden Brothers Inc.

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And that is the final word from the Schuylkill River where in a nasty twist of fate, my younger daughter, who is reluctant about rowing at best, won yet another medal at the famed Stotesbury Regatta. Meanwhile, my older daughter, who ranks crew just below breathing, has to bite her tongue and put on that "great job" smile. Sometimes, there is no justice.

Please note that due to factors including low market capitalization and/or insufficient public float, we consider United Industrials and Petroleum Development to be small-cap stocks. You should be aware that such stocks are subject to more risk than stocks of larger companies, including greater volatility, lower liquidity and less publicly available information, and that postings such as this one can have an effect on their stock prices.

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Gary B. Smith is a freelance writer who trades for his own account from his Maryland home using technical analysis. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Smith writes a daily technical analysis column for RealMoney.com and also produces a daily premium product for TheStreet.com called The Chartman's Top Stocks -- click here for a free two-week trial. While Gary cannot provide investment advice or recommendations, he appreciates your feedback; click here to send him an email.