The stock market indexes closed mixed with none of the major averages closing up or down more than .5%. The one standout was the SOX and that was only up .7%. The very nice late day move for the Nasdaq was very strong and bullish, to go along with the positive action late in the Semiconductor index. Volume came in lower across the board also, indicating a nice calm follow through to big day on Thursday. That with breadth being slightly positive finished a nice week for stocks. Not the greatest follow through but a lot better than a reversal on heavy volume.
Nasdaq is at 4 year highs and the SOX is at 1 1/2 year highs. The strong momentum is hard to stop and is just plain smoking right now. The bullish finish to the week was very welcome after the two early distribution days we saw. However the second distribution day was a very weak one to call and obviously was wrong in the end.
All trends are up, except the DOW on a very short term basis which is sideways. A very bullish market and very strong economey.
New Swing Longs: MACR LPSN ISE CDI BSMD
Longs Outpeforming Market: NDAQ-298% PRLS-205% GMXR-99% BBD-97% RTSX-96% ANAD-84% RES-78% ACR-72% SPNC-69% SUPX-62% CVO-58% AAPL-57% CCI-57% OXPS-46% SRLS-44% BNT-41% NWRE-39% MIDD-35% TRAD-32% NSM-30% CNET-28% GOL-26% MUSE-26% LOGI RAIL GGR NOVL RVSN CNXT RDCM STXN PAY WBSN TIII TEVA TSCO VAS STMP SMSC CKFR ORA AH JBL ASPM MINI RWC ASVI CHE RTK SNPS PPCO AXE LCRD RSTI SSTI SRA MECA COHU UBS TESOF
New Swing Shorts: NONE
Shorts Outperfoming Market: APPX ARM
Stocks On Radar Screen: LNG MORN TS ORBT CPL IRBT PMTR AVAN TBIO TWIN
3 comments:
I'm having trouble figuring out what base LPSN is in. Regardless it still looks good.
My personal opinion is that LPSN has not even reached second base yet. Since the correction that began around about 04 it has formed what seems like a cup-like base.
I have reset the base count from here (base too long and big correction) and so in 05 October(roughly) it broke out of a flat base so I thought this must be base 1(previous uptrend).
It is still in base 1 until it has formed another longer consolidation period.
This is my view, but i'm not too sure if i'm analysing this chart correctly. So your opinion would really be appreciated.
Thanks for your time =)
From the Kofiko
You know somthing, the answer was sitting right infront of me...
I was kinda concerned with the length of a base(after being told maximum is 62 weeks) so I figured a base which is 2 years long would not apply. But look at RADN =) which I own thanks to you, it broke out of a huge saucer like base from 04.
The science is easy but that "extra-sense" and experience you develop is what really counts. I guess you can only 'roughly' count bases and enter also based on the nice appearence of the base. (i.e you can see if it is too extended if the base is too messy). Help me out if i didn't get somthing right.
Regards,
Kofiko
Very few are going to be as prudent as you and figure it out on their own so quickly. You are catching up to WC's pace. LOL.
I don't know why that IBD guy told you 62 weeks is maximum. I find huge winners (200% or more) all the time coming out of bases longer than 62 weeks. I think a year and a half is good for small-caps (78-90 weeks) but big-caps like MSFT are making a base from '00. If it breaks out and moves higher that makes that base almost six years long. So I would be loose with that "hard 62" rule in very bullish markets.
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