Setups & Breakouts
We have a few setups today and few
breakouts. Again, the base formations are few and far between. So I wouldn’t
disagree with the medium-trader who waits for the proliferation of bullish patterns
before moving out of cash. Those of you looking for the isolated trade, watch your
stops like hawks and keep your exposure limited.
Career Education
(
CECO |
Quote |
Chart |
News |
PowerRating), a
provider of private, for-profit postsecondary education in North America, is
nine weeks into a correction-recovery pattern. The stock has found support along
the 50-day moving average and exhibits good confirmation on the relative
strength line. Here are daily and weekly charts. As you can see, the
accumulation shows up better on the weekly. This is a chart-reading technique that I’ll describe in greater detail in the upcoming Kaltbaum/Fleckenstein workshops in Atlanta, Dallas and Phoenix.
IndyMac Bancorp
(
NDE |
Quote |
Chart |
News |
PowerRating) is behaving
constructively in a 14-week correction-recovery pattern. The holding company
owns IndyMac Bank, a federally insured savings bank, the ninth largest consumer
depository institution in terms of assets based in California.
I still like the look of Hot Topic
(
HOTT |
Quote |
Chart |
News |
PowerRating),
which has been staging up its 50-day moving average and has pulled within 10% of
its Feb. 12 intraday high.
Christopher & Banks
(
CHBS |
Quote |
Chart |
News |
PowerRating)
broke out Monday on double average volume. Formerly Braun’s Fashions
Corporation, the company last week reported an 18% increase in March same-store
sales for the four-week period ended March 31, 2001.
