I Still Like It
Over the
weekend, I had to be in South Florida tending to family business. (No,
I am not talking Sopranos-type business.) Things went great. Took care of
business and then hung with the family. Did a little fishing — caught nada…visited
with friends…played with the kids. Things went fine.
Came into the office and liked what I
was seeing in the market. Still do! Then the whammy. At 1:08 p.m. ET, this came
across the tape: “The low for the year has been seen in stocks.
11,500-11,700 is very doable. Breadth is getting better, including in
technology. I don’t care what I’m looking at, I just see volume and
breakouts.”
I am now sick to my stomach. Why? Those words came from Ralph Acompora. I am not
going to get into his calls of the past few years. Just ask Joe Kernan of CNBC
about it. He has called every move by going the wrong way. I hope he didn’t
do it again. I have nothing against this man personally. In fact, I did a
pleasant interview with him last Thursday. I just don’t understand how any
technician can tell you where things will be at the end of the year. Imagine
anyone calling the low for the year! I would just rather hear that he is bearish
right now. I want a lot of bears.
Did you also hear Al Goldman saying the bear market is over? Just another ouch!
He has been saying it for months. Man, I hope they get it right this time.
That said, the technical condition is still in fine shape. Pullbacks are to be
expected at any time. It keeps investors continually doubting the move. Most
importantly, more stocks broke out again today. Here is a look at a few.
(
WLSN |
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PowerRating) comes shooting out of a flat base. Volume was heavy.
(
CYTC |
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PowerRating) moves above resistance.
(
GCO |
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PowerRating) nudges out of its base.
(
CMX |
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PowerRating) follows through from last
week’s move.
(
ICOS |
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PowerRating) looks poised for better
days in the Biotech arena.
Lastly, one stock that did not perform too well today was Dollar General
(
DG |
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PowerRating).
Just a little hint. Whenever any company uses the words, “Accounting
Irregularities,” run first and ask questions later.