Make Sure Your Breakout Candidates Have This

• November 13, 2003
• Tim Truebenbach

This
market continues to show signs of strong accumulation…what a
welcome sight from a year ago! The last two days are
mainly what I am referring to. Yesterday saw the index
rally on heavier
volume than the previous
day and today saw it close near its highs on increasing
volume.

The only thing I would like
to see is strong price action with above-average

volume.

Leading stocks are acting
about the same as the market.
Yahoo!
(
YHOO |
Quote |
Chart |
News |
PowerRating) for example, found support at its 50-day.

Network Appliance
(
NTAP |
Quote |
Chart |
News |
PowerRating) also found solid support and is now
closing in on a pivot point at 26.64.

Small-cap names such as
Medifast
(
MED |
Quote |
Chart |
News |
PowerRating),
Healthextras
(
HLEX |
Quote |
Chart |
News |
PowerRating) and Abaxis

(
ABAX |
Quote |
Chart |
News |
PowerRating) have also been fairly solid.
Although ABAX showed a little trouble as it sold off in the final hour
of trade on above-average
volume today.

Other leading names,
such as University
of Phoenix
(
UOPX |
Quote |
Chart |
News |
PowerRating) have held
strong as well.

The market appears
locked in a nice Bull Market, even though
volume does not appear too heavy
short-term. If you are looking into breakouts, then make
sure they have
volume present.