Mocking The Bear

  • March 26, 2001
  • Duke Heberlein

While it is a solid strategy to trade with the underlying trend, when stocks
rise to new highs in the teeth of a bear market, they are talking — loudly. By
making use of the java applet’s search function, I was able to uncover two
stocks this morning making new 52-week in today’s trading.

AdvancedPCS
(
ADVP |
Quote |
Chart |
News |
PowerRating) is pulling back slightly after hitting a
new 52-week high in today’s session. Since the nature of price movement is to
thrust, pause, and pivot back in the direction of the underlying trend, look for
ADVP to have another surge higher, particularly if the market continues to move
higher.

 

 

THQ Inc.
(
THQI |
Quote |
Chart |
News |
PowerRating) is the second issue making a new
52-week high, gapping up and trading higher following a breakout from a flag
pattern.

 

 

Daytraders should be keeping these stocks on the radar, looking
at both the daily chart for continuation and the intraday for pattern setups.
Swing traders could continue to track ADVP and THQI for a short-term setup.

I have received several emails the past couple of days from
members inquiring just exactly what I mean when I refer to the search function
or the TradersWire Scanner. If you
bring the applet up on your screen by clicking on the TradersWire logo on the
right side of the homepage, you will find on the top of the applet a series
of links. The second link from the right is the “search” link.

 

 

When you click on that, the TradersWire scanner will appear in
the top portion of your browser, above the applet. From there you can simply
click the find button to get a list (in several pages) of all the alerts that
appeared on the applet that day. Or, if you use the drop down menus, you may
choose to search for specific alerts, or for a certain time period, or for
specific stocks that you follow.

 

 

You can also use this tool to either review the entire list of
alerts at the end of the day, or if you had to get up from your computer for a
few minutes, you can see the alerts that went by on the applet that you missed.

Until tomorrow,

Duke