These Growth Stocks Continue To Soar

  • January 20, 2004
  • Tim Truebenbach

The
Nasdaq showed its strength once again today, although volume
came in lighter than Friday on all of the major indices by a slim margin.

image src=”https://tradingmarkets.com/media/2004/Tim/tt012004-01.gif” />

image src=”https://tradingmarkets.com/media/2004/Tim/tt012004-02.gif” />

Growth stocks have been
the best gauge of market strength lately. They have been breaking out and pushing
higher all over the place. Bio Reference
(
BRLI |
Quote |
Chart |
News |
PowerRating) was one of the latest movers,
even though it never put the finishing touches on its handle. The stock made
a nice move on HUGE volume today.

image src=”https://tradingmarkets.com/media/2004/Tim/tt012004-03.gif” />

Invitrogen
(
IVGN |
Quote |
Chart |
News |
PowerRating) took
a breather, but it has been a good representative of biotechs lately as it has
rocketed higher without looking back. This group has come on strong with only
American Pharma
(
APPX |
Quote |
Chart |
News |
PowerRating) remaining to launch.

image src=”https://tradingmarkets.com/media/2004/Tim/tt012004-04.gif” />

image src=”https://tradingmarkets.com/media/2004/Tim/tt012004-05.gif” />

Research in Motion
(
RIMM |
Quote |
Chart |
News |
PowerRating)
continues to soar on the amazing sales out of its Blackberry device.

image src=”https://tradingmarkets.com/media/2004/Tim/tt012004-06.gif” />

^next^

The market has impressed
me and proved me right in calling that we were in a correction for a Bull Market
in December. Earnings out of growth stocks have been beating estimates easily
as well as offering further upside through optimistic outlooks. Ameritrade
(
AMTD |
Quote |
Chart |
News |
PowerRating)
was this morning’s example and saw a nice move after the fact on a gap
higher.

image src=”https://tradingmarkets.com/media/2004/Tim/tt012004-06.gif” />

Whether or not we are getting
a little extended and a bit crazy with the consistent performance in breakout
stocks over the last few weeks remains to be seen. Every advance needs a pullback,
but this market seems intent on avoiding one with the strength of a new year
and the re-kindled Nasdaq leadership.

Now is a great time to focus
on the real quality stocks with very strong earnings growth and heavy volume
backing moves higher. If something isn’t performing, there are many other
stocks to consider, rather than sitting in a laggard.

Have a great week!

Tim Truebenbach

timt@tradingmarkets.com