This Stock May Do Well Into Year-End
The
major indices handed a nice vote of confidence yesterday as
they closed sharply higher on heavier volume than the previous day. The only
caveat was that volume was only average.
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It was also encouraging
to see breakouts such as Vista
(
VSTA |
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PowerRating) and Odyssey Healthcare
(
ODSY |
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PowerRating)
succeed on heavy volume.
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Former leaders such as Veritas
(
VRTS |
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PowerRating) and Yahoo!
(
YHOO |
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PowerRating)
have powered back towards new highs as well. One thing to keep an eye on is
that volume eventually comes in to support any move to the upside.
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The market has been in correction
mode for over a month now and it has allowed new names to set up in the growth
sectors. Stocks like Accredited Lenders
(
LEND |
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PowerRating) have already hit new highs.
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Now is a good time to hone
in on strong companies as they are showing signs of healthy action. University
of Phoenix
(
UOPX |
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PowerRating) has made a strong move off its 50-day
moving average and looks to be consolidating. Stocks like this may perform well
into the end of this year.
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I enjoyed meeting many of
you at the Trader’s Expo this past weekend in Las Vegas. Best of luck
trading and have a great Thanksgiving!
Tim Truebenbach
timt@tradingmarkets.com