We’ll Probably See More Charts Like This In The Coming Months
Although volume came in heavier than average on the major
indices Thursday, it still fell short of Wednesday’s accumulation as the indices
fell.
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At this point, the overall market appears to be under
accumulation and therefore, it may very well push higher.
The biggest observation right now is in regards to
individual stocks; primarily the Internet Sector.yes”>Â The majority of names seem to have stabilized for the time
being. J2 Global
(
JCOM |
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PowerRating) remains in
question, but Netease
(
NTES |
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PowerRating) had a nice reversal that almost put it at new
highs.
After-hours traders were impressed with
Amazon.com’s
(
AMZN |
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PowerRating)
numbers and the stock was trading up sharply. Ebay
(
EBAY |
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PowerRating) was also trading higher. This
news should tell us a lot about the entire group. Any stocks that have been subject to profit-taking, but are still healthy
should use this news to bounce on. If
they fall farther, and volume is heavy, then that is a warning sign.
Ideally, we would like to see leaders act like
Endo
Pharmaceuticals
(
ENDP |
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Chart |
News |
PowerRating) has. The
stock made an initial breakout on 3/25, followed by several weeks of
consolidation and profit-taking. Today,
the stock benefited from strong earnings and guidance and enjoyed a nice move to
new highs.
This market is acting very strong and many more ENDP’s
will set up and offer solid opportunities in the days, weeks and months ahead.Â
Continue to follow the market’s strong groups and the best stocks will
present themselves.
Have a great weekend,