The June Consolidation Created New Stocks Setting Up — Here Are A Few
If you believe this is a Bull
Market, or you are even just trading it from the long side, you have got to be
having a great time! We saw the major averages punch higher on above-average
volume yesterday. The leading Nasdaq did so again today.
Last week, I got to enjoy a
nice vacation in Hawaii, but it was a working vacation. With a market this
solid, there was no way that after three years, I was going to let any
opportunity pass me by! This past weekend, I did the same thing I do each
week in applying my Buy Checklist to the market. The latter half of June saw
the market consolidate and even retrace some of the recent months’ gains. The
consolidation allowed for some new stocks to set up.Â
Some of the names I was
seeing came from the online brokerage business and included such names as
E-trade
(
ET |
Quote |
Chart |
News |
PowerRating) and
Ameritrade
(
AMTD |
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PowerRating).
ET broke out yesterday and
has since followed through from 9.51…
Biosite
(
BSTE |
Quote |
Chart |
News |
PowerRating) was on the list and offered
a tricky entry as it gapped higher, but the gains were juicy!
Although there isn’t any
shortage of names setting up, many of the better names still need some time to
re-establish entry points. Ebay
(
EBAY |
Quote |
Chart |
News |
PowerRating) is
an example as it nears its all-time high of 127.50.
 
Now is a good opportunity to
keep close track of our leadership and be ready to take advantage of it when
the time is right.
Until Thursday,