Let’s Get To Work And Make Some Money

• January 9, 2003
• Tim Truebenbach

Two
days of losses and a distribution day: No problem!
The major averages saw to it that any doubts were taken
care of as it posted a solid accumulation day and re-captured Tuesday’s and
Wednesday’s losses. The Nasdaq
was even able to come out ahead almost 6 points above Tuesday’s close and
gave us its follow-through day.

Individual stocks
also showed they can rally. Ebay

(
EBAY |
Quote |
Chart |
News |
PowerRating) was one such name. The
stock tested its pivot of 70.95 yesterday, but managed to close off the lows.
Today it went on to hit a new high.

Hyperion
Solutions
(
HYSL |
Quote |
Chart |
News |
PowerRating) moved into new high ground.
It pulled back below the pivot of 30.10 yesterday but closed right on
it before advancing today.  One
thing to keep an eye on here is the light volume in today’s move.

 

Possis
Medical
(
POSS |
Quote |
Chart |
News |
PowerRating) broke out yesterday, but did not fare as well
today.  The stock traded below the
pivot of 18.35 before closing just above it on heavy volume.

 

 

United
Online
(
UNTD |
Quote |
Chart |
News |
PowerRating) proved that it still pays to be cautious. 
The stock tried to advance out of a 6-1/2 week consolidation on 1/7,
but was turned back on above-average trade today. 
It also teaches us to follow solid sell rules instead of emotion or
opinions.  This was one of the
better performing stocks in the fourth quarter, but is standing still right
now.

 

Accredo
Health
(
ACDO |
Quote |
Chart |
News |
PowerRating) has been setting up, but took Thursday off as it
is being drawn to its 50-day moving average. 
The company boasts a stellar growth rate of 120% and is forming a
handle on its multi-month base with a pivot point of 38.75.

Paccar

(
PCAR |
Quote |
Chart |
News |
PowerRating) has fairly solid fundamentals and is working through the handle
portion of its base.  Volume has
been drying up nicely since it began the week of 11/29.

Symantec

(
SYMC |
Quote |
Chart |
News |
PowerRating) has very solid fundamentals and is completing what could either be
a high handle or a flat base.  The
pivot stands at 46.29 and is another stock worth keeping an eye on as we
evaluate the health of this rally.

 

At this point, we
have our follow-through day in all three of the major indices (the Naz’s
coming today). There is no doubt as to where I would put my money on the
overall market in the short-term. We
are still waiting for the final confirmation of this rally as determined
through individual stock breakouts succeeding and moving higher.
This is the ultimate confirmation and is yet to be seen.

Despite all of the
talk of war, nuclear weapons, recession and so on…it always pays to keep
track of the market itself and ignore opinions. 

I will be scouring
the market for candidates over the weekend and I’ll be posting my findings
to the column on Tuesday and the Service
each evening.  This may be a time
to get to work and make some money.

Until Tuesday,

Tim