Stocks continued their bullish bias on Friday, with the SP 500 and Nasdaq finishing up just under 1% each. Volume was lower than the day before but was still well above the 50 day volume averages of the indexes.
Not much has changed with the trends of the markets. Most are still up and many small and mid cap indexes are hitting new highs. This remains a bullish market and a painful market for bears. A pullback or sideways movement by the indexes would be nice to relieve some overbought pressure and setup a better base to attack new highs.
I can't think of much to add here, besides pointing your attention to all the longs outperforming the market. As you can see to make the big money you have to hold stocks longer than one day. How many stocks are down there on today's list alone that are up over 60%? I can't stress how important it is to take profits on the way up like I have been advising but at the same time not sell out the whole position.
When stocks have the CANSLIM characteristics and the market is strong like it is, pullbacks should be bought and not sold.
I hope you had a great weekend! I shall see you tomorrow night.
New Swing Long: DMC MMK
New Swing Shorts: NONE
Longs Outperforming Market: PRPX ERS-105% BNT-67% RNOW-32% AIX BOOM-420% WIRE-71% ASTE-25% NWRE-78% ADBE LDSH-42% ASVI-30% NTG GMXR-213% KEYS CRED-28% SWN GOL-62% ALY-62% DIET-46% CIB-39% SCHK NVDA-54% ASF-145% MNST-28% GRS-62% JBL CRDN-63% THOR-84% MFLX-165% RUSHA LCAV TMI RVSN-26% MCF STMP AU-33% NEM BBD-131% ACR-83% CHE HOMS-27% VTS DXPE CTXS MDCC DB IHS-26% RAIL-43% RES-162% GES-64% MNG-92% KEX PETS-137% EMAG SAY KNXA AKAM-40% IKAN SPWR-30% UDRL RUTH FWLT-58% DRH MRB-73% TGC SMSI RBAK-130% FDRY DDD-65% LCRD-48% BTUI-89% NAK-35% GRZ XRTX DEZ-101% BMD-294% VRTX-170% BKHM ANAD-113% NSTK RDCM-28% GSIG BGO ARDI THQI IED-33% ATHR-36% RGEN ZEUS-50% DA BEAS LRCX-37% RITA NOVL-28% PPCO CPTS-42% CLG-54% GLNG SNPS NKTR JDSU-31% CMPX FC EVST APLX
Shorts Outperforming Market: NONE
Stocks On Radar Screen: PROG TONS AX
2 comments:
Hi, Josh, a couple of questions for you.
Does NGAS look like a possible breakout here from a large triangle pattern? Do you play breakouts above trendlines?
Thoughts on DSTI? Cup with Handle??
NMGC on a pullback to the 50 day? Does this look orderly to you?
Also curious of your thoughts on OXPS and the action since earnings(gap up and then straight down).
Thanks in advance - as a relatively young investor, I have learned a lot from your blog.
NGAS has not completed its base yet and has still not broken out. And if it does breakout from this consolidation pattern it is a dangerous long due to the above avg. trading in the base. The down days are not quiet and the up days are not obvious huge accumulative days. NGAS needs to October high to make it a long for me.
DSTI--Yes. Not the prettiest but still one none-the-less.
NMGC--Yes. It looks very orderly and a very nice chart! Great eye.
OXPS--Lock in some more gains. I have sold a tad bit over 50% of my original OXPS purchase.
As a relatively young investor you have learned a TON! Great eye on all of these charts. You got them all pretty much dead on.
I wish you conintued success and the best of luck in your stock market adventure.
Post a Comment