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Bio-Rad Laboratories, Inc. (BIO), which had a big move up from March of last year when it was down in the 50 range to over 120, came down suddenly and thrust to the downside hard in early May, bounced to a lower low, and now has formed a little bit of a declining channel. Today’s action, down another 1.78, takes it below its lateral price support, and this stock could begin to fall away here. Initial target 78, secondary target around 70.

Diamond Offshore Drilling Inc. (DO), which had been hampered by the other drillers getting hammered, has rolled over, formed a bearish consolidation where we alerted you to the short in the high 80s. This stock has since dropped down to the mid-50s, and stair-stepped its way lower. Today it was up sharply in the morning up to 61, and closed at 57.09, up only 15 cents, a dramatic, negative reversal intra-day, which means it potentially could see some lower prices. I think all of the companies in this group are near the end, but we’ll see.

MicroStrategy Inc. (MSTR) is topping, cracking, rallying back to resistance, but cannot get through it. It looks like the lateral resistance line near the declining topsline and moving average is starting to collapse. We could see something down in the low 60s, my next trading target.

WellPoint Inc. (WLP), which topped earlier this year, cracked early in May, formed a little bear flag in the 52.32 area. A new downtrend is under way as the moving averages have rolled over and it’s headed south. A test of 45 may be forthcoming, which is our trading target.

Other stocks on Charts for the Day are: British Petroleum (BP), CONSOL Energy Inc. (CNX), Dril-Quip, Inc. (DRQ), IPC The Hospitalist Company, Inc. (IPCM), MicroStrategy Inc. (MSTR), NCI, Inc. (NCIT), iPath S&P GSCI Crude Oil Ttl Ret Idx ETN (OIL), Transocean Ltd. (RIG), Telvent Git S.A. (TLVT), Unisys Corporation (UIS), Visa, Inc. (V).