Playing Breakout Candidates In A Tough Environment
When I’m
less-than-enthusiastic about the potential for breakouts because of the broader
market averages, my attitude is stick
to the ‘creme de la creme’ but also try to figure out high-probability
pullbacks, after the stock has already demonstrated some intraday strength.
10:14:14
Intraday Setup Alert
eResearch (ERES)
is a member of TMs
Intermediate-Term Report. Official IT triggers have not been triggered
(33.83), but the stock has traded nearly 100% of average daily volume in the
early going, as it pulls back intraday to a 38% retracement test from Friday
afternoon’s lows. ERES is up 1.80 at 32.50.
It might not be the usual way to focus on breakout candidates, but when all
the Joneses want in to the market—if a stock like ERES is gonna pay off this
late in the game, you’ll usually find out that it’s the early bird that gets the
worm.