On Their Best Behavior
There isn’t a whole lot to be said about the
current market. Overall, the averages are acting very well. They are
moving higher on heavier volume and pulling back on lighter trade.
Beneath the surface, there are not too many things going on. There have been
very, very few stocks that have set up and broken out. Only the three names I
previously mentioned stand out: Meritage
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MTH |
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PowerRating), MDC Holdings
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MDC |
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Systems
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PowerRating), plus the failed breakout of University
of Phoenix
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PowerRating).
UOPX gapped above its pivot point on stellar volume and then was unable to
find the institutional backing to push higher. Subsequently, it found itself too
expensive to hold and gave back all of the gains. Nonetheless, it does show how
important honoring stops can be.
More than anything, I would like to be able to show stocks that are working
up the right side of their bases, or forming a handle, or setting up to break
through a pivot point, but instead I am not finding anything too exciting to
talk about.
A few other breakouts that I have watched have performed in a choppy fashion.
Peet’s Coffee
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PowerRating) moved through
its pivot point on March 4, traded lower, and is now trying to push new highs.
Possis Medical
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same thing, but it is doing so in a little more volatile fashion.
At this point in time, there is very little to do besides watch and wait. In
the meanwhile, enjoy your weekend.
Until Tuesday,