Here’s Tuesday’s Names…
Not much has
changed since the weekend. We went through our database of stocks and
not many names meeting both our fundamental and technical criteria are coming
up. And our timing models continue to signal a defensive posture is prudent.
These two, (lacking leadership and non-confirmation from the models) are telling us something and we should continue to monitor
the market’s daily and weekly action until we get further confirmation that a
rally can be sustained.
The Nasdaq Composite closed higher
2.20% as all the broader indexes tacked on gains with lower volume.
One name that came up in our scan was
Independence Community Bank
(
ICBC |
Quote |
Chart |
News |
PowerRating). The savings and loan has a 5 years
earnings growth rate of 37% and is showing quarterly earnings growth of 23%,
22%, 29% and 48%. The stock is working on a handle for its 7+ week base.
Stocks Breaking
out on High Volume with a Relative Strength of 80 or Better:
| Company Name |
Symbol | Relative Strength |
Price | Average Volume |
Today’s Volume |
| NONE |
Stocks Building
A Base With A Minimum Relative Strength of 80.
| Company Name |
Symbol | Relative Strength |
Price | Average Volume |
Today’s Volume |
| Krispy Kreme Doughnuts |
( KKD | Quote | Chart | News | PowerRating) |
93 | 37.02 | 901,800 | 329,500 |
| King Pharmaceuticals |
( KG | Quote | Chart | News | PowerRating) |
84 | 44.06 | 1,398,600 | 948,300 |
| Concord EFT |
( CEFT | Quote | Chart | News | PowerRating) |
86 | 28.13 | 5,791,000 | 3,561,200 |
Stocks forming a
Handle
| Company Name |
Symbol | Relative Strength |
Price | Average Volume |
Today’s Volume |
| Pharmaceutical Resources |
( PRX | Quote | Chart | News | PowerRating) |
99 | 39.06 | 578,300 | 626,00 |
| Taro Pharmaceutical |
( TARO | Quote | Chart | News | PowerRating) |
98 | 41.08 | 712,100 | 577,700 |
| Independence Community Bank |
( ICBC | Quote | Chart | News | PowerRating) |
88 | 22.90 | 588,000 | 565,300 |
Sectors in the green were led by the
Semiconductor Index
(
$SOX.X |
Quote |
Chart |
News |
PowerRating) which closed higher 5.4%.
The Biotechnology Index
(
$BTK.X |
Quote |
Chart |
News |
PowerRating)
gained 3.8%.
And the Insurance Index
(
$IUX.X |
Quote |
Chart |
News |
PowerRating)
tacked on 3.7%.
Losing ground in the session, the Gold
and Silver Index
(
$XAU.X |
Quote |
Chart |
News |
PowerRating) slid 2.3%.
The Retail Index
(
$RLX.X |
Quote |
Chart |
News |
PowerRating)
closed off fractionally 0.1%.
Remember that all securities are
risky. In any trade, you should always reduce your risk by adjusting position
size and placing open protective stops where you will sell your long or
cover your short in case the market turns against you. For an introduction to
combining price stops with position sizing, see our lesson, Risky
Business.