Welcome Back, Buyers
After testing its lows once again, the Nadsaq finally started to rally back.
Simultaneously, Cisco bounced off 50. The semiconductor index is confirming this
move as it reaches a new day high. One interesting fact is that 4% of the Nasdaq
100 is at a 52-week low.
As for the S&P, its trying to get back above 1350.
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Today’s Watchlist:Â
(
PAYX |
Quote |
Chart |
News |
PowerRating)
One name that has shown only limited
volatility in recent days is Paychex
(
PAYX |
Quote |
Chart |
News |
PowerRating). As we can see from the chart,
it has been in a consolidation pattern since failing to show follow through on
that last breakout in October. Being one of the strongest names, it may see a
significant breakout should the techs turn up. First, though, it must break
through the top of the trading range. The trendline that has been guiding the
stock higher for some time now is slowly approaching the low of the trading
range, and may be the catalyst needed to take it higher. Set your alerts near
the top of the near-term range and watch for a volume-backed test of the October
highs. As always, conservative traders may want to wait for a new-high break out
before taking a position.
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Until later,