Leaders Reprise

  • May 18, 2001
  • Loren Fleckenstein

 

The breakout leaders resumed their
advance Friday, attesting again to the strength of what is increasingly looks
like a sustainable intermediate-term rally. The answer ultimately will be told
by our stocks. But the quality of the merchandise moving into higher new highs
is very very encouraging.

Traders who entered International Game
Technology (IGT)
and Pharmaceutical Product Develop (PPDI)
so far have been rewarded for enduring these stocks’ bouts of post-breakout
volatility.

Metro One Telecommunications (MTON)
headed higher.

Skechers (SKX)
and SunGard Data Systems (SDS)
are acting constructively.

Orion Power (ORN),
which would have stopped out most I-T traders after its last breakout,
may be setting up for another attempt.