Carryover
A price and volume surge in the final hour of trading will often spill over
to the following session. This is why one of the categories in the new
Nightly Daytraders Report is the “3-month RS of
80 or higher with volume surge in last hour“. After doing a
computer-generated scan to find the names in which this occurred, we filter out
the stocks that closed well to give you those candidates most likely to show
continuation.
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3 Month RS of 80 and
higher with volume surge in last hour
Company Name |
Symbol |
Relative Strength |
Price |
Average Volume |
Today’s Volume |
| McData | (MCDT) | 98 | 25.06 | 1,751,923 | 4,338,600 |
| Scientific-Atlanta | (SFA) | 91 | 27.69 | 1,772,623 | 2,045,900 |
| Millennium Pharmaceuticals | (MLNM) | 92 | 33.10 | 3,090,857 | 5,015,900 |
| ImClone Systems | (IMCL) | 95 | 72.96 | 1,879,266 | 1,485,700 |
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Last evening, we had Millennium Pharmaceuticals
(
MLNM |
Quote |
Chart |
News |
PowerRating) appear on
the list as a possible carryover candidate. After taking out yesterday’s high
MLNM rewarded daytraders with a quick opportunity to pull out some profits as
the momentum continued.
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MLNM runs up for nearly a 1 1/2 point gain into the lunch break.
Keep an eye out for these last hour volume surges with buying pressure to tip
off possible momentum the following day.
Have a great weekend,
Duke