Where I See Positive Action
The market remains in limbo
as it is attempting to bore all investors to death with its mundane action.
Today’s action resulted in lower NYSE-related indices and a slightly
higher Nasdaq. Volume came in
pretty much in line with yesterday.
Right now, sitting on our hands is about the most
productive thing to be done. Accredo
Health (
(
ACDO |
Quote |
Chart |
News |
PowerRating) showed us that today as the stock tried to go through a
potential pivot of 37.81. Volume
ran above-average, but the stock only finished with a tiny gain on the day.
I saw some positive action coming from
Sandisk
(
SNDK |
Quote |
Chart |
News |
PowerRating) and
International Gaming
(
IGT |
Quote |
Chart |
News |
PowerRating) as they were able to find support at their 50-day
moving averages and rally off them a bit.
On the other side of the 50-day, we’ve seen recent
leaders, Eon Labs
(
ELAB |
Quote |
Chart |
News |
PowerRating)) and Forest Labs
(
FRX |
Quote |
Chart |
News |
PowerRating) fail to make it back above the
trend line.
Ticketmaster
(
TMCS |
Quote |
Chart |
News |
PowerRating) appeared to be setting up in an eight-month base. It has pulled back
to test its 50-day moving average and may be worth watching if it can find
some support there. The company
comes from a strong group and has posted two consecutive quarters of stellar
earnings growth.
The holidays historically present a slower market, and
this year does not look to be much different.
Continue to follow the rules and don’t force trades, as this market
has a way of making investors pay for that mistake.
Have a great weekend,