Numbers Out, Let’s Party!
The economic numbers have been released. As expected, the market
moved a bit on the news. Now that it’s settled down a bit, we can start to focus
on what’s important — solid setups.
Today’s Watchlist:Â Â
(
IVX |
Quote |
Chart |
News |
PowerRating),
(
BRL |
Quote |
Chart |
News |
PowerRating),
(
BSX |
Quote |
Chart |
News |
PowerRating),
(
CNXT |
Quote |
Chart |
News |
PowerRating)
Ivax
(
IVX |
Quote |
Chart |
News |
PowerRating) is trading near its highs and shaping up for a
potential move. On Tuesday, it’s trading near the high from Friday and Monday.
Watch for a move above the all-time highs for potential long positions. IVX has
been in an uptrend for several months now, and has not shown signs of weakness
yet. Finding a strongly trending stock in a weak market is often
difficult.Â
Bar Labs
(
BRL |
Quote |
Chart |
News |
PowerRating) completed the top of its high-level-cup
pattern on Tuesday. Should it be able to close above the top of the cup, swing
traders should watch for a continuation move on Wednesday. The volume, so far,
is average, and it’s trading at the high of the day. Should the stock retrace,
we’ll watch for a handle to be added onto the cup pattern. I’ll remind you that
many breakouts have failed in the last month, and that we have not seen the
continuation moves that we are used to.
Boston Scientific
(
BSX |
Quote |
Chart |
News |
PowerRating) has been trading near its lows for
the last week. On the daily chart it has formed an upside-down cup pattern.
Volume picked up a bit again on Monday as it traded lower. Watch for a
continuation move below the intraday low from Monday.
The weekly charts are also showing a breakdown.
Conexant Systems
(
CNXT |
Quote |
Chart |
News |
PowerRating) broke through one support level on
Thursday and continued to test the next key level. On Monday it did not break
the second support area, but rather it bounced off it. Watch for a short
opportunity on a move below this level. The semis have been weak lately, and we
need to compile a list of short opportunities in the weak groups. Look for
volume to accelerate during another move downward.
Clarent
(
CLRN |
Quote |
Chart |
News |
PowerRating) gapped lower on Monday on strong volume,
driven by news, and closed on support. Watch for a move below support to
possibly lead to a test of the mid-May lows. A break of those lows would provide
a more conservative short entry. On the upside, watch for resistance at 50 and
at the 50-day MA.Â
Until later,Â
Check back at 2:00PM ET
for Trading the Techs PM.