Ring It Up
Amid
the end-of-year crosscurrents, the Naz managed its first accumulation day in the
last 11.
The retailers rang it up
Wednesday…at the least, this gives one cause for optimism that perhaps the
slowdown won’t be a severe one.
From a position-trading standpoint,
however, and despite Wednesday’s big gains, many of the retailers are either 1)
looking up at some not insignificant resistance or 2) thinly traded.
The apparel sellers have been one of
the top groups in the retail sector.
But many of these are thinly-traded
issues…fun on the way up, but problematic on the way down due to illiquidity.
In the group, Venator
(
Z |
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PowerRating), the old
Woolworth’s, is nearing the top of a four-month base.
TJX
(
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than halfway up the right side of its formation.
Elsewhere, Cigna
(
CI |
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six-week base to a fresh high before a lack of volume forced it below the lip,
from where it went out.
Quest Diagnostics
(
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another that poked out of a pattern, this one of four months duration, before
closing below the pivot on lackluster turnover.
Comerica
(
CMA |
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has tightened up over the past two sessions as it closes in on the top of a
12-week base.
Shaw Group
(
SGR |
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symmetrical nine-week cup, though volume was unimpressive.
Weatherford
(
WFT |
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closing in on the top of its 15-week cup.
Waste Management
(
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from a six-week base on robust flow.
Anaren Microwave
(
ANEN |
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PowerRating) shot up
to the top of a sloppy, multimonth formation.
Of course it had to happen.
Just minutes after posting Tuesday’s
column, which included a list of my favorite market books, I received a
query from an East Coast player wondering why I’d neglected to mention Bill
O’Neil’s “24 Essential Lessons For Investment Success” as a favorite
book of mine.
The answer is that I haven’t updated
the list since I came up with it some years ago, even though I should have.
And, yes, “24” belongs right
up there in the runner-up slot just beneath “How to Make Money In
Stocks.”