Brokers Remain Strong
The Broker/Dealers continue to show strength. After breaking out
of a consolidation, they continue to trade higher.
Today’s Watchlist:Â
(
ELNT |
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PowerRating),
(
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PowerRating),
(
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PowerRating)
Elantec Semiconductor
(
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PowerRating)Â put in the continuation
move that we were looking for this morning but turned around intraday. If there
is enough strength behind the move, then it will be able to recover by the end
of the day. Watch for an intraday cup formation or V-pattern to form on the
five-minute charts.
Elan Corp
(
ELN |
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PowerRating) has entered either a bullish flag pattern or
a descending triangle. It appears to be more of a descending triangle as it
continues lower. It should continue to find support at the top of the trading
range that it recently broke out from. Pullback traders may want to watch for a
rally out of the flag formation or a bounce off the 55 area. Another strategy
would be to watch for a return to the trading range and then another move
outside. If it breaks down from the descending triangle. Watch for support at
the low of the trading range from August.Â
Checkpoint Software
(
CHKP |
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PowerRating) is showing some leadership as it
continues to trend higher. It surged higher again on Tuesday on
stronger-than-average volume. Watch for another move above Tuesday’s
intraday high to offer a short-term trading opportunity. More conservative
traders should set alerts near the all-time high and watch for a high-volume
close above that key level.
Until later,Â