Not watching Naruto, I'm going to guess that Rasengan is a psiball, and they're using chakra to mean chi or ki. Naruto being japanese, it would be ki.
If you use the search function or take a look at the energy work department, you will see many threads that talk about moving and sending energy with the hands, under various labels- kiballs, chiballs, psiballs and other terms that I haven't thought of this morning.
Here's a thread for starters:
http://www.astraldynamics.com.au/sho...hlight=psiball
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