Light commentary and lots of charts in today’s post.  As I have said since the follow through day, the market’s major indices are being led by the NASDAQ (new high on Friday), the NASDAQ 100 (21 cents from a new high on Friday), and the Russell 2000 (broke out of a bull flag into new highs on Friday). 

I am seeing a lot of breakouts right now.  I must give a quick disclaimer (with a little evidence) that the market is extremely overbought right now.  The percentage of NASDAQ stocks above their 50 day moving average is 65%.  The NYSE McClellan Oscillator closed up 23 on Friday to finish at a +75.  I have not seen that level since April and July of 2009.  The NASDAQ McClellan Oscillator closed up 22 to finish at a +69.  Again, this level has not been seen since April 2009.  If you enter a trade, please employ stops.  Now on the charts.

(V: 68.55 -2.95) looks ready to breakout.  Look for heavy volume at $89.66.  Average daily volume on this stock is about 5.2 million shares per day.

(GOOG: 470.58 +6.18) broke out of a nice 4-5 week base.  Now it has run in to the 50 day average.  It closed there (to the penny) on Friday.  More volume will be needed as fuel to get through this short term resistance area.

(AMZN: 139.14 +1.92) has a breakout that looks like (GOOG: 470.58 +6.18).  This stock has now regained the 50 day moving average.

(AAPL: 262.92 +5.11) broke out of a four day handle pattern to new highs on Friday.  Volume was very strong.  Here are some IBD notes.

Apple (AAPL) gapped up and advanced 4% to a new high. The tech bellwether cleared a 215.69 buy point from a seven-week base. Apple announced an April 3 launch date for its new iPad tablet computer — slightly later than previously planned.

(GS: 147.54 +2.33) cleared the 200 and 50 day moving averages on good volume.  Volume looks to be picking up over the last 4-5 weeks.  This stock now has to contend with the descending trend line in blue.

(CREE: 50.18 -4.42) has a four day handle like (AAPL: 262.92 +5.11).  Look for heavy volume at $70.67.  Average daily volume is about 2.8 million shares per day.

(GIL: 28.52 +0.18) broke out to new highs on heavy volume.  This one showed up on IBD’s stocks on the move, up 2.53% on a volume change of 259% for Friday.  Here are some notes from IBD.

Gildan Activewear (GIL) reversed early losses and climbed nearly 3% in more than three times average trade. It cleared a 25.25 buy point from a cup-with-handle base. The stock’s base had no distribution. And its Accumulation/Distribution Rating improved to A from D+ in early February.

Happy hunting!