A Nice Addition
It’s not every day that the Nasdaq 100 is re-arranged, but with the recent
deluge of stocks
trading below $5– and less — officials at the Exchange are doing a little
housecleaning. As of
Oct. 4, Andrx Group
(
ADRX |
Quote |
Chart |
News |
PowerRating) will replace Excite@Home
in the Nasdaq 100, and by
default, in the Nasdaq Tracking Stock
(
QQQ |
Quote |
Chart |
News |
PowerRating).
Probably not a bad choice, too. The generic drugmaker’s stock is trading at
the top of a three-month
trading range, and significantly, traders have ramped up the volume on the
recent rally. ADRX
traded three times its average volume today, up 2.90, or just over 4%.
Andrx is in a rather exclusive club as well, trading above both its 50- and
200-day moving averages.
This rally may have legs, especially if the current market momentum continues.
Watch for
a breakout above the range, especially if it occurs on good volume.
Eddie