Volume, On Hold
Repeat Message: This week is expected to, as usual, be the lightest trading week of the year.
Few traders are expecting to see volume return until after Labor Day. What does
this mean for us? It means a choppy market with limited follow through.Â
Today’s Watchlist:Â Â
(
NUFO |
Quote |
Chart |
News |
PowerRating),
(
CHKP |
Quote |
Chart |
News |
PowerRating),
(
AMD |
Quote |
Chart |
News |
PowerRating)
The green line on the charts is the 200-day MA and the blue line is the
50-day MA.
New Focus
(
NUFO |
Quote |
Chart |
News |
PowerRating) broke out of a consolidation on Monday. Considering this
stock has only been public for a few months, it has seen quite a bit of
volatility. Because the breakout level is so close to another key resistance
level, we’ll look for a bigger-picture formation. The formation in question is
relative to the July 26 high which, if eclipsed, would form a small breakout
pattern. Set your alerts near 140 as we watch for a closing move above this
level. Should it be cleared, the next trouble spot if near 145 1/2.
Checkpoint
(
CHKP |
Quote |
Chart |
News |
PowerRating) is
another breakout with remaining overhead supply. Checkpoint has clear
near-term resistance, which, for the aggressive traders, is often enough to open
a position. More conservative traders should watch for a move above the trouble
spots from February and March. Unlike the move downward, which was swift,
Checkpoint has spent months recovering all that was lost. Conservative traders
should set their alerts near the February and March highs. With volume expected
to pick up in the near future, there may be more unexplored positive territory
ahead.
AMD
(
AMD |
Quote |
Chart |
News |
PowerRating) has been consolidating for about two weeks now. As with any
consolidation, watch for a move outside of the trading range. If it breaks out to
the upside, look for resistance near the 50-day MA, as well as resistance from
early July.
Until later,Â