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world stock market, us stock market
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11/23/04 Investment House Daily
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Investment House Daily Subscribers:
HOLIDAY SCHEDULE
Saturday through Tuesday: Market summary, best plays (new & current), continuing play table summary.
Wednesday: Market summary, continuing play table summary.
Monday: Full reports resume as usual
MARKET ALERTS:
Target hit alerts issued Tuesday: None issued
Buy alerts issued: XXIA
Trailing stop alerts: SBAC
Stop alerts: WIND
The market alert service is a premium level service where we issue intraday alerts relating to the general market conditions, when stocks hit action points (buy, stop, target, etc.), and when we see other information impacting the market or our stocks. To subscribe to the Daily alert service you can sign up at the following link:
http://www.investmenthouse.com/alertdly.htm
SUMMARY:
- Intraday swings end on a higher note.
- Quiet economic session with existing home sales in line.
- IMF downgrades 2005 world economic growth on high energy, US deficit.
- Volume mixed, but stocks continue to consolidate holding most of their gains.
- Pre-Thanksgiving finds stocks still consolidating their rally gains.
Stocks up and down, managing to finish near the highs.
Large point swings were the rule for the day. NASDAQ rallied 10 points, gave back 20 points, rallied another 20 points, gave back 10, etc. It was a seesaw session with the last swing mostly up. That managed to close stocks near their highs, another decent recovery that kept stocks in their recent range, consolidating the strong run from late October. As we have said before, when stocks stingily hold onto their gains after a run, that is a sign of strength.
They are not clearly consolidating in a perfect way. Distribution Friday, a lower volume bounce Monday, higher volume as NASDAQ closed basically flat. The latter can be classified as churning, i.e. where an index is at a peak and trades in a narrow range on high volume. What that means is that stocks were trading hands rapidly, finding it hard to find a home to stay. What we saw intraday was volume advancing solidly as NASDAQ recovered late in the day. In addition, NYSE volume, though slightly higher, was still below average, indicating no churn. That was good and bad. Good because SP500 was lower, not so good because SP600 and SP400 led the market again. So what was the result re volume? We would have preferred to see a low volume move laterally as the best action, but overall it was nothing that indicated impending disaster.
One thing notably disappointing is the inability to extend the rally during the holiday week. Perhaps that is asking too much with the strong move leading into the week; the market is taking a needed breather after that strong run, and volatility is often an indication that the consolidation is not yet ripe. Things typically quiet down into a narrow range, indicating that the buyers and sellers slugged it out and the sellers have been weeded out. Then the time is right for the next advance. Thus it would appear there is more consolidation necessary over the next week, but this market has surprised just about each leg higher during this run. In other words, when it looks as if it needs more rest it starts higher once more.
THE ECONOMY
Existing home sales in line.
October existing homes, 80% of the housing market, registered 6.75M annualized units, right in line with expectations. Lower rates in October and November are spurring home buying, and since sales are not registered until the actual closing, many of those purchases made during those months will show up later. That means the market will still show solid sales in the months to come as those contracts turn into closed sales.
In short, the housing market remains solid, a testament to lower interest rates, low inflation, and economic growth. The question is whether interest rates will stay low. The Fed is taking back earlier rate cuts and will continue to do so. Originally the conventional wisdom said it was simply going to remove stimulus. After Greenspan's speech Friday, there is the concern there will be some interest rate hike kickers designed to encourage foreign investment in the US. Again, that appears premature and a foolish use of rate hikes. Foreign investors are currently more than happy to invest in the US as the latest numbers from last week show. Even with a trade gap at 6% of GDP, foreign investment is surging. Moreover, using interest rates as the methodology to obtain further confidence in foreign investors is simply ludicrous. Raising rates slows the economy; higher interest rates but less growth opportunity? Yes, I want to invest in that kind of stagflation environment.
Greenspan was in all likelihood making a statement regarding the need to reduce federal spending and take care of those entitlement programs he has told Congress are broken and need fixing. He knows Congress won't listen to his prior warnings. After all, it just passed a spending bill ahead of the holiday that funded things such as a California gay, lesbian, transsexual community center (but California won't allow the Boy Scouts to use some public land) and $75K for the Paper Hall of Fame. Can Congress take on Social Insecurity on its own? Dream on. That is why Greenspan is taking another tact, i.e. threatening rate hikes for other than taking back excess stimulus and quelling some inflation pressure.
IMF lowers outlook for world economic growth. Golly.
That watchdog of world prosperity, the International Monetary Fund, tried with great solemnity to catch the attention of the leading world economies by lowering its 2005 growth expectations to 4% from 4.3%. It cited rising oil prices as one cause, quite understandable if prices do not turn appreciably lower and rather quickly. The other cause was the US deficit. It seems that wherever you turn the US is to blame for the world's problems. Would they be griping if the US has not cut taxes and stimulated a recovery where none would have been? The deficit, despite what those dying to raise taxes believe, would be worse without the tax cuts. Why? The economy would still be in the toilet and the expectations for world growth would be 1% versus 4%.
Moreover, as we have often discussed, we really don't care about deficits, particularly at these levels. The US deficit is right at its average during the past 50 years or so as measured by GDP, the only real way to compare deficits. You can say the deficit is at a record in current dollars, but that simply is not the case. Even if it is higher, history does not bear out those theories of Greenspan, Robert Rueben and their proletariat adhere to. If you look at the facts, interest rates were lower when there were higher deficits and higher when there were surpluses. Interest rates rose as deficits turned into surpluses from the 1980's to the 1990's. This flies in the face of Greenspan's and Reuben's theories about interest rates, but who cares? Facts are facts.
We have said it before: surpluses are not the great panacea they are made out to be. Surpluses mean additional federal spending for one thing on projects such as transsexual community centers and the like (find that one in the Constitution). They also mean that money the economy needs to continue to grow and expand is diverted to government pork and away from the private investments that lead to technological and standard of living gains. Surpluses in fact RAISE interest rates (which is what the facts show) because real dollars the economy needs to expand are scarcer because they are being sucked away by the federal government and spent on projects that do not return any economic benefit. You won't see this anywhere else because it is not something that is easily understood by the person on the street. After all it is easier to relate the federal budget to a household budget; that is nowhere near reality. With Congress wanting all of the money it can suck in, however, it is very easy to propagate this inaccurate analogy, to the detriment of us all in lowered economic output and a standard of living that is not what it could be. The answer is to grow the economy and cut federal spending. In doing so you curtail government growth and the associated waste and allow our free enterprise system to create the goods and services that raise our standard of living.
THE MARKET
Stocks closed mixed on mixed volume. Before you conclude things are pretty mixed up, consider that the market, despite more volatility than it needs, has been consolidating more or less laterally after another strong run. The intraday and day-to-day volatility tells us the market is not as likely to resume a surge higher near term, but the lateral action shows investors still refuse to partake in wholesale dumping of stocks just purchased. We have heard a lot on the financial stations about how it is time to take profits and then thirty seconds later a statement that the market goes up from here so you should be buying. You only get mixed up if you follow that line of thinking.
Again, the action, while not picture perfect, is a lateral consolidation as stocks try to work off the strong run and set up for the next move. The price closes were mixed and volume was mixed. You can read a lot into this but the overall picture is a continued lateral move, trying to consolidate the gains. The volatility and up and down volume are concerns that we continue to monitor, but we also see solid stocks testing near support and rebounding. If the leadership is holding as well we are fairly comfortable with the consolidation, but we want to see it settle down in terms of volume and intraday range.
Market Sentiment
VIX: 12.67; -0.3
VXN: 18.43; -0.34
VXO: 13.08; -0.5
Put/Call Ratio (CBOE): 0.79; +0.06. Rising in a mixed market, showing some concern about the ability to continue the move from here. This is a contrary indicator, and when it rises toward 1.0 on the close it is an indication that uncertainty could be resolved upside. It showed 3 or more closes above 1.0 in October before that move. A showing in the 90's or even a close over 1.0 over the next several sessions could indicate stocks are leaning toward starting another leg higher.
NASDAQ
Tested lower just below the 10 day EMA early in the session and then rebounded to close near the high, volume rising as it moved back up. Still in the recent range and a decent though unspectacular recovery.
Stats: -0.91 points (-0.04%) to close at 2084.28
Volume: 2.093B (+8.32%). Volume was up as NASDAQ turned in a modest loss, technically distribution and can be interpreted as churning as well. It helped that volume rallied as the index recovered in the afternoon session.
Up Volume: 1.169B (-56M)
Down Volume: 896M (+216M)
A/D and Hi/Lo: Advancers led 1.25 to 1. Small and mid-caps helped salvage some decent breadth in a lackluster session, closing mostly flat.
Previous Session: Advancers led 1.45 to 1
New Highs: 168 (+31)
New Lows: 32 (+7)
The Chart: http://www.investmenthouse.com/cd/^ixq.html
Closed fractionally lower on the session, rebounding from a test of the 10 day EMA (2073) on some rising volume. NASDAQ has come back to test some support at 2050 and the 18 day EMA (2049) also at that level and has rebounded. It is holding in the range from 2050 to 2100, banging around with some volatility. We want to see it tighten up and then break higher through 2100. This rally tends to surge when unexpected, however. For now we can say it is holding its move while showing more volatility and less solid price/volume action than we would want. That keeps us cautious but seeing no major weakness.
NASDAQ 100 tapped the 10 day EMA and rebounded for a loss, suffering a worse loss than the overall index. An Intel downgrade and some gratuitous other downgrades of chip stocks helped turn the large cap techs lower. No breakdown, however, and a rebound with the rest of the market.
SOX struggled and lagged the rest of the market, but it also once more held support at 425 on the low (426.89) and then closed above the 10 day EMA (428.82). Not bad action with the struggle for the large cap chips. Trying to make a higher low and then take on the 200 day SMA (440.42) once more.
S&P 500/NYSE
Similar to NASDAQ, SP500 tapped at the 10 day EMA and rebounded to close with a modest loss on a slight volume rise.
Stats: +0.01 points (0%) to close at 1176.94
NYSE Volume: 1.426B (+2.57%). Volume rose as the large caps held steady and the small and mid-caps rallied. It remained below average, showing no real conviction either way. Thus no real distribution on SP500 or accumulation on SP600 and SP400.
Up Volume: 782M (-160M)
Down Volume: 621M (+193M)
A/D and Hi/Lo: Advancers led 1.55 to 1. The small caps helped keep breadth decent though hardly strong; better than the indexes finished, however, and that is a good indication.
Previous Session: Advancers led 2.18 to 1
New Highs: 291 (+90)
New Lows: 6 (-4)
The Chart: http://www.investmenthouse.com/cd/^spx.html
Very similar to NASDAQ, testing the 10 day EMA (1173) on the low and rebounding for a modest loss on rising trade. NYSE trade was still easily below average, however, so no real conviction in the selling or the rebound. SP500 is holding above that second double top peak from early 2000, an important support level the index is trying to hold. Still very volatile action between 1170 and 1180. Looking for it to calm some in this range to best set up the next move, but its ability to hold above 1175 fairly consistently also keeps us ready for another leg higher.
New all-time high for SP600 as the small caps and mid-caps led the market yet again. After a week long lateral move this breakout was not as strong as we wanted but good to see leadership in this market.
DJ30
Another index that tested the 10 day EMA (10,463) once more and then rebounded to close basically flat. Volume edged higher here as well though it too was below average on the close. After tapping 10,600 last week DJ30 has struggled but it has managed to hold near support at the 10 day EMA. That leaves NASDAQ, SP500 and DJ30 all testing the 10 day EMA, all a bit volatile, but all holding their gains fairly well.
Stats: +3.18 points (+0.03%) to close at 10492.6
Volume: 254 million shares Tuesday versus 240 million shares Monday.
The chart: http://www.investmenthouse.com/cd/^dji.html
WEDNESDAY
The remaining economic data for the week all gets pushed into Wednesday. Durable goods orders, final Michigan sentiment, jobless claims, and new home sales. Lots of data but not likely a lot of response from investors. Durable goods and Michigan sentiment could have the most impact as people tend to get excited about how the consumer feels though actions rarely track the reports. Thus we look more to what the market has shown us lately.
It is the day before Thanksgiving, and volume is typically lower and prices are typically decent on the upside. That is particularly true in a continuing uptrend. The market is in an uptrend, but right now it is consolidating its strong move, so the Thanksgiving rally has had a hard time getting its footing. Good intraday action, i.e. closing near the session high as stocks come back late, but still volatile with shaky price/volume action.
Volume Tuesday was somewhat surprising, and it will be more surprising if it continues higher Wednesday. About noon eastern time we can expect most managers to leave if not before. That makes it hard to gauge the overall action, and that mostly impacts new positions as they can rise in a holiday move but not have the volume behind them. The problem with that is that once all investors are back they may give the thumbs down to the move and overwhelm a light volume holiday bounce.
Thus we will be selective in what we add on Wednesday, looking for some good trade volume on stocks we are considering adding either new or additional positions. We would like to see a holiday melt higher to end the week, adjust our stops higher, and then see what next week brings when managers return.
Support and Resistance
NASDAQ: Closed at 2084.28
Resistance:
Price resistance at 2090.
Some resistance at 2100.
January high at 2154
Support:
The April high at 2079
The 10 day EMA at 2073
2050, prior resistance, provided some support Monday
The 18 day EMA at 2049
Some price points at 2000.
October high at 1971
The 50 day EMA at 1986
The 200 day SMA at 1953
S&P 500: Closed at 1176.94
Resistance:
1175 second high in that double top that spanned late 2001.
Q1 1999 lows at 1215
October 1999 low at 1233
Q2 2001 peak at 1310.
Support:
The 10 day EMA at 1173.25
The 18 day EMA at 1163.92
January highs at 1158
1142-1146 are the June highs.
1130 acted as some resistance on the move higher.
1128 to 1125 the September closing high.
The 50 day EMA at 1140.99
Dow: Closed at 10, 492.60
Resistance:
Late April, June peaks at 10,478 to 10,512
10,570 is the early April high
Price consolidation at 10,600 level
10,747 is the February high
Support:
The 10 day EMA at 10,463
The 18 day EMA at 10,381
September high at 10,342
The 200 day SMA at 10,244
The 50 day EMA at 10,235
The February/June 2004 down trendline at 10,175
9980 to 10,000.
Economic Calendar
These are consensus expectations. Our expectations will vary and are discussed in the 'Economy' section.
November 23
Existing Home Sales, Oct (10:00): 6.75M actual versus 6.75M expected and 6.76M prior (revised from 6.75M)
November 24
Durable Orders, October (8:30): 0.5% expected and 0.2% prior
Initial Jobless Claims, 11/20 (8:30): 335K expected and 334K prior
Michigan Sentiment-Rev., November (9:45): 96.0 expected and 95.5 prior
Help-Wanted Index, October (10:00): 37 expected and 36 prior
New Home Sales, October (10:00): 1200K expected and 1206K prior
THE PLAYS
Good movers Tuesday: CEC; MSCC; OPTV; SNDA; STSI; XXIA
Monday night play results:
EPIC: Volume faded but it held its ground and is still ready.
IDNX: Edging higher but needs more trade.
IMGN: Volume was up as it edged higher off the 10 day EMA.
New plays for Wednesday:
Upside:
Play Date: 11/23/2004
AUDC (Audiocodes--$15.55; +0.75; optionable): Scientific and technical instruments
http://biz.yahoo.com/p/a/audc.html
STATUS: Cup w/handle. AUDC is making a strong volume breakout from its 10 month base. Volume has been strong the entire month, and after a low volume pullback this week it shot higher Tuesday. You could call this the first breakout or a successful test; it tried the breakout to start the month and failed but recovered to form this handle. Solid 10 to 7 accumulation in the pattern (10 up price weeks on rising volume to 7 down price weeks on rising volume) shows net buyers during the consolidation. Relative strength is breaking out as well, a good corroboration of the move. Looking to start a position on a further volume move.
Volume: 963.249K Avg Volume: 511.5K
BUY POINT: $15.72 Volume=600K Target=$18.85 Stop=$14.88
POSITION: QAS CC - Mar. $15c (62 delta) &/or Stock
http://www.investmenthouse.com/cd/audc.html
Play Date: 11/23/2004
CRA (Applera--$13.48; -0.14; optionable): Scientific & technical instruments
http://biz.yahoo.com/p/c/cra.html
STATUS: Cup w/handle. After a long decline, CRA is coming off of the bottom, forming the current 10 month base to set up the next move higher. Strong 11 to 6 accumulation in the base shows net buying and is setting up the breakout move. Nice low volume pullback to the 18 day EMA (13.24) is shaking out the last sellers in the base; once they are gone demand exceeds supply and the stock makes the breakout move. May take a few more sessions to complete the pattern and then make the break higher.
Volume: 287.4K Avg Volume: 317.468K
BUY POINT: $13.88 Volume=476K Target=$16.65 Stop=$13.15
POSITION: CRA CV - Mar. $12.50c (74 delta) &/or Stock
http://www.investmenthouse.com/cd/cra.html
Play Date: 11/23/2004
TYC (Tyco Intl.--$33.79; -0.20; optionable): Electronics, security, healthcare, engineered products conglomerate
http://biz.yahoo.com/p/t/tyc.html
STATUS: Breakout test. TYC surged out of a nice 17 week cup with handle base to start November. A solid base that used the 200 day SMA (30.40) as support. It rallied to 34.50 on the breakout run and has eased back to the 10 day EMA (33.74) on lower volume. Strong money flow is holding up even as the stock moves laterally on the test. Showing good strength, refusing to give back its breakout gain. The pattern is tightening up, an indication it is ready to make the next move higher.
Volume: 4.378M Avg Volume: 7.883M
BUY POINT: $34.55 Volume=10M Target=$39.78 Stop=$33.62
POSITION: TYE DX - Apr. $32.50c (74 delta) &/or Stock
http://www.investmenthouse.com/cd/tyc.html
Continuing that look ready:
Play Date: 11/16/2004
MACE (Mace Security Intl.--$5.83; +0.33; optionable): Specialty chemicals
http://biz.yahoo.com/p/m/mace.html
STATUS: Cup w/handle. Volume was up and MACE moved through the buy point, but it was fading all session and did not rally into the close. Looks very solid, and on a further move higher on continued volume we will look to move in.
Volume: 4.339M Avg Volume: 1.9M
BUY POINT: $5.82 Volume=2.8M Target=$7.08 Stop=$5.41
POSITION: QXA FA - Mar. $5c (74 delta) &/or Stock
http://www.investmenthouse.com/cd/mace.html
Play Date: 11/20/2004
MONE (Matrixone--$6.55; 0; no options): Lifecycle management solutions
http://biz.yahoo.com/p/m/mone.html
STATUS: Volume was up Tuesday as MONE moved off the 200 day SMA, a good test of the break over that level two weeks back. Surging money flow is leading the way.
Volume: 440.654K Avg Volume: 359.045K
BUY POINT: $6.82 Volume=530K Target=$8.48 Stop=$6.36
POSITION: - Stock (no option chain)
http://www.investmenthouse.com/cd/mone.html
SUBSCRIBER PORTFOLIO: These are stocks subscribers suggest by vote that we put in a portfolio to track and move into the stocks if they perform well. If you have any suggestions for additions or deletions, email us. We don't cover them all each report, just when something interesting is developing.
BR, COH, EASI, EBAY, GTRC, HDWR, JNPR, MSFT, QCOM
QCOM: Holding the 50 day EMA on low volume, trying to set up for the next move.
SUBSCRIBER WATCHLIST
We continually receive ideas for potential plays from subscribers. Many times they are already on our watchlists, other times not. We always take a look and sometimes find a gem or two, or more. We don't necessarily endorse these, but want to provide a forum for subscribers with ideas that may appeal to other subscribers. We may just put on the ticker or we might describe our thoughts as to why or why not we think it is a buy or sell. This is a way we can all learn a bit more and maybe find a few more candidates to make us some good money.
Upside:
GLYT: Flying plateau. Volume is surging as it moves out of a 4 week plateau that formed following a 9 month flat base.
GRU: New issue in October. Broke higher mid-month, rallied to 7.50 and has moved laterally the past week on very low volume. Looking for a break over 7.50 as an entry point.
CONTINUING PLAYS
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LEGEND FOR CONTINUING PLAY TABLE
DATE: date play first appeared on report.
PLAY: Denotes the type of pattern or play.
Upside play types: Asc Tri=Ascending triangle; BO=Breakout; Cup=Cup base; Cup hdl=Cup w/handle; DB hdl=Double bottom w/handle; Dbl btm=Double bottom; Flat=Flat base; FlyPlat=Flying Plateau; Pennant=Pennant; Rv H&S=Reverse head & shoulders; Saucer=Saucer base; Test 18=Testing 18 day MVA; Test 50=Testing 50 day MVA; Test BO=Testing the breakout (could be 10 day MVA test, etc.) Downside play types: CCall=Covered Call; Dsc Tri=Descending triangle; Dbl Top=Double top; H&S=Head & shoulders; Put (generic downside);
PIVOT=Buy point
Tgt=Target stock price for the play. Applies to stock and options.
Vol=Volume for the most recent session.
TgtV=Target volume to enter the play.
Stop=Stop advisory point. This is advisory and we may or may not exit a play if it hits this level depending upon market conditions.
PLAY STATUS: Buy not hit (stock has not hit buy point); Buy not issued (stock has hit buy point but did not enter due to weak volume, poor intraday action, poor market action); Current (ongoing play already entered); Entered today (entered the play that session); Exited (closed the position); Target hit (play hit initial target; will note if took all or partial gain or let run further); Trailing stop (exited using a trailing stop loss).
Upside Plays
Stock Date Play Close +/- Pivot Tgt Vol TgtV Stop
AMT 09/30 Flat 17.9 -0.25 15.55 18.68 2.6M 1.8M 17.52
Current. Gapped down to open on the 18 day EMA and rallied holding the 10 day EMA on stronger above average volume. Came off the day's high of 18.15. Meeting some resistance at 18.
APCS 10/06 Asc Bse 11.12 -0.28 8.91 10.72 2.2M 1.6M 10.48
Current. Pullback tapping 10.80 at the intraday low and rallied back on much lower, but still above average volume. Still in uptrend.
APOG 10/26 DB hdl 14.23 -0.02 13.58 16.32 93K 140K 14.12
Current. Making a lateral move below the 18 day EMA on lower, below average volume.
ASPM 11/15 Test BO 22 +0.32 21.25 25.32 261K 150K 20.48
Current. Gapped down to open on the 10 day EMA and rallied back on strong volume. Holding at some resistance.
ATSN 11/17 Cup hdl 9.85 -0.08 10.25 12.25 125K 543K 9.68
Buy Not Hit. Still in the pattern.
BDX 10/23 Rv H&S 54.25 -0.47 51.82 61.85 1M 1.4M 53.65
Current. Pullback testing the 10 day EMA intraday and rallied back on much stronger above average volume. May continue to test back to the 10 day EMA. Meeting some resistance at 55.
CEC 11/03 Cup hdl 40.21 +1.01 39.57 45.49 276K 364K 38.45
Current. Bounced off the 18 day EMA and rallied back for a nice gain on rising, but average volume.
DHB 11/04 DB hdl 20.43 +0.04 16.75 20.55 1.4M 1.7M 17.89
Current. Continue with the uptrend on lower, but average volume.
EBAY 08/31 DB hdl 109.53 +0.05 88.05 99.94 9.1M 14M 103.45
Current. Holding at some resistance showing a doji on risng, but below average volume.
EBAY 03/06 Flat 109.53 +0.05 71.78 82.25 9.1M 10M 101.75
Current.
EBAY 12/12 Test 18 109.53 +0.05 34.72 46 9.1M 12M 101.75
Current.
EBAY 10/15 Test 50 109.53 +0.05 31.22 46 9.1M 12M 101.75
Current.
EPIC 11/22 Cup hdl 15.4 -0.1 15.88 19 296K 775K 15.05
Buy Not Hit. Pullback tapping 14.91 intraday and rallied back showing a tight doji on lower, below average volume. Still in the pattern.
FSL 10/20 Test BO 17.15 -0.45 15.55 18.64 2M 2M 17.25
Current. Pullback testing the 10 day EMA intraday and rallied back on stronger above average volume. Testing the breakout. May test back to support at 17 (10 day EMA)
HAE 11/03 Test 50 35.13 -0.07 33.58 39 189K 190K 33.89
Current. Gapped up at the open, but then gave it back holding at some resistance on lower, but still above average volume.
IDNX 11/22 Rv H&S 8.04 +0.07 8.11 9.95 1.7M 1.5M 7.57
Buy Not Hit. Continue with the uptrend on lower, but still above average volume.
IMGN 11/22 Cup hdl 7.03 +0.07 7.28 8.94 206K 252K 7.11
Buy Not Hit. Still in the pattern. Moving up the 10 day EMA on rising, but average volume.
INTL 11/13 Cup hdl 27.99 -0.06 29.55 34.55 490K 384K 28.05
Current. Pullback tapping 27.40 at the intraday low and rallied back showing a tight doji on 18 day EMA on stronger above average volume. Doji may indicate a change in pattern to the upside.
INTV 11/17 Cup hdl 13.11 +0.16 13.21 16.38 260K 570K 12.35
Current. Tested the 10 day EMA intraday and rallied back on below average volume. Broke through some resistance at 13.
IWOV 11/11 Test 20 9.79 +0.12 10.36 12.65 213K 495K 9.78
Current. Moving up for a nice gain holding the 10 day EMA on lower, below average volume. Moving up on lower volume after testing the breakout.
JNPR 10/27 DB hdl 28.47 +0.27 26.13 30 5.3M 11M 27.72
Current.
KFY 11/17 DB hdl 18.99 +0.08 19.45 23.65 189K 448K 18.58
Buy Not Hit. Tested the 10 day EMA intraday and rallied back showing a doji on lower, below average volume. Still in good shape.
KLIC 11/15 Test 50 7.17 -0.23 7.35 9.25 1.2M 1.4M 7.38
Current. Pullback holding the 18 day EMA on rising, above average volume. Needs to hold here.
KOMG 11/09 Rv H&S 16.89 +0.04 17.01 20.62 229K 675K 15.99
Current. Tested the 10 day EMA intraday and rallied back showing a tight doji on low volume. Moving up after testing the breakout.
LCAV 11/13 Rv H&S 34.33 +0.53 31.75 37.65 254K 346K 31.97
Current. Continue with uptrend making a 52 week high on lower, but still above average volume.
LIZ 10/25 Test BO 40.88 -0.12 39.41 43.42 673K 881K 40.92
Current. Pullback holding just below the 18 day EMA showing a doji on rising, but average volume. Needs to hold here and rebound.
LTD 10/18 Test BO 26.2 -0.68 23.55 27 15M 2.2M 26.02
Current. Huge gap up at the open, but then reversed hard on very strong volume surge holding the 18 day EMA. Came off the day's low of 25.74. Needs to hold here.
MACE 11/16 Cup hdl 5.83 +0.33 5.82 7.08 4.3M 2.8M 5.41
Buy Not Issued. Started off strong, but came off the day's high of 6.20 so did not enter. Will see if stock makes clear and decisive move tomorrow.
MEDX 11/16 Cup hdl 10.32 0 10.72 12.85 1.5M 1.5M 9.97
Current. Beginning to make a lateral move on rising, but below average volume.
MINI 10/27 DB hdl 30.97 -0.03 28.65 34.42 43K 153K 31.15
Exited.
MONE 11/20 Cup hdl 6.55 0 6.82 8.48 441K 530K 6.36
Buy Not Hit. Tested the 10 day EMA intraday and rallied back as stock continues with the lateral move on stronger above average volume.
MRVC 10/14 Cup 3.97 +0.05 3.21 4.55 453K 1.1M 3.74
Current. Tapped 3.85 at the low and rallied back showing a doji on lower, below average volume. Meeting some resistance at 4.
MSCC 10/07 Test BO 17.72 +0.51 15.25 19 1.8M 1M 15.94
Current. Tested the 10 day EMA intraday and rallied back for a great move making a 52 week high on excellent volume surge.
NFLD 11/20 Test BO 17.68 +0.52 16.55 19.85 781K 300K 15.55
Current. volatile session as stock continues with the uptrend showing a doji for a nice gain on stronger above average volume.
NTAP 10/30 Cup hdl 29.85 0 25.67 30.32 5M 5.5M 28.85
Current. Holding at some resistance on above average volume.
NXTL 11/18 DB hdl 28.25 -0.17 28.62 34 6.4M 12M 27.42
Buy Not Issued. Gapped up at the open, but gave it back on lower, below average volume. Still in uptrend.
OPTV 11/10 Cup 3.88 +0.19 3.75 4.75 647K 650K 3.57
Current. Great move up the 10 day EMA breaking through resistance at 3.80 on much higher, but average volume.
ORB 11/10 DB hdl 12.53 -0.08 12.69 15.21 291K 600K 12.21
Current. Pullback testing the 10 day EMA and rallied back showing a tight doji on lower, below average volume. Still in good shape.
PAAS 11/06 Cup hdl 18.22 -0.29 18.62 23.41 797K 1.2M 17.64
Buy Not Issued. Pullback testing the 10 day EMA intraday on rising, but below average volume. Meeting some resistance at 18.42. Still in the pattern.
PETM 10/27 Cup hdl 35.07 +0.08 31.75 38.95 1.8M 2.4M 34.22
PWAV 11/15 Cup 8.03 -0.01 8.18 10 1.6M 1.9M 7.75
Current. Tested the 18 day EMA intraday and rallied back holding the 10 day EMA on rising, but average volume. Beginning lateral move.
QSFT 11/15 Test BO 15.6 +0.22 16.15 19.32 440K 1.2M 15.25
Buy Not Hit. Tested the 18 day EMA intraday and rallied back on lower,below average volume. Moving up after testing the breakout.
RMBS 11/18 Test 20 22.08 +0.16 22.22 27 3.8M 4M 20.78
Current. Moving up the 10 day EMA showing a tight doji on lower, but above average volume.
ROV 11/17 DB hdl 28.64 +0.12 29.17 35 248K 450K 28.12
Buy Not Issued. Still in the pattern.
SBAC 08/14 Test BO 8.78 -0.22 5.88 7 597K 635K 8.78
Trailing Stop.
SIMG 10/30 Cup hdl 16.55 +0.3 14.19 17.22 1.3M 1.5M 15.45
Current. Continue with the uptrend for a nice gain on rising, but below average volume. Holding at some resistance.
SLR 11/20 Test BO 5.8 -0.08 6.28 7.55 2.8M 5.2M 5.85
Buy Not Hit. Pullback testing the 18 day EMA intraday and rallied back on lower, below average volume. Must hold at 18 day EMA or will drop.
SNDA 10/11 Test BO 39.84 +3.84 31.32 36.85 2.3M 1.2M 38.55
Current. Great move off the 10 day EMA on excellent volume surge. Holding at resistance.
STSI 11/18 Dbl btm 6.8 +0.46 6.28 7.58 1.5M 800K 5.88
Current. Gapped down at the open and rallied back for great move on nice volume surge.
SYMM 11/11 Cup hdl 10.64 +0.31 10.27 12.38 332K 399K 10.32
Current. Tapped 10.12 at the low and rallied back for a nice gain on rising, but average volume. Looking good. Meeting some resistance at 10.70.
TV 10/16 Test 18 59.33 +0.34 55.35 62.55 280K 570K 57.78
VRSN 09/29 DB hdl 30.99 -0.72 20.44 24.44 6.2M 2.6M 30.05
Current. Pullback showing a doji on stronger above average volume. Doji may indicate a change in pattern to the upside.
WIND 11/13 Test BO 12.12 -2.06 14.68 17.95 4.7M 775K 13.69
Exited.
XXIA 11/11 Cup hdl 13.8 +1.28 13.56 16.25 1.6M 417K 12.78
Entered today. Explosive move off the 18 day EMA on very strong volume surge.
ZQK 10/06 FlyPlat 29.3 +0.37 26.46 32 490K 525K 28.12
Current. Moving up on average volume after testing the 10 day EMA.
Good Investing!
Jon L. Johnson and The Daily Staff
All of the foregoing is commentary for informational purposes only. All statements and expressions are the opinion of Online Investment Services, LP or its paid consultants and are not meant to be a solicitation or recommendation to buy, sell, or hold securities. We are not licensed or registered in the securities industry. The information presented herein and on our related web site has been obtained from sources believed to be reliable, but its accuracy is not guaranteed. The security portfolio of Partners of Online Investment Services, LP or its paid consultants may, in some instances, include securities mentioned herein and on our web site. Estimates, assumptions and other forward-looking information are subject to the limits of forecasting. Actual future developments may differ materially due to many factors.
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