Mike
01-17-2012, 07:11 PM
Today's NASDAQ gap up and close in lower half was a bit disapointing. The Market Exposure is +5 and one day of distribution fell out of the window today. The NASDAQ distribution stands at just one day now. We got a B5 market buy signal (living above the 21-day) but the exposure count was already maxed out at +5 so the signal could not be put to use. The top three stocks on my breakout list were all up nicely today (INVN, BKI and ALXN). Each have gained more than 10% above their nominal buy point. In contrast if I had bought QQQ on the day of the December FTD I would be up 5.6% and QLD would be up 9.4% and TNA would be up 13.5%. There are quite a few CANSLIM stocks that are not moving however: CLR, TSCO, PNRA, WMT, AZO, MKTX, GOOG, WLL, BWLD, SBH, PRGO and GCO.
I call this a mediocre rally so far however volume was 7% above average today. MNST gapped up stronglly today and the IPO KORS is moving above its short IPO base on decent volume.
In the short term is is difficult to argue with a market that is making higher lows and higher highs no matter what is on the financial news.
I call this a mediocre rally so far however volume was 7% above average today. MNST gapped up stronglly today and the IPO KORS is moving above its short IPO base on decent volume.
In the short term is is difficult to argue with a market that is making higher lows and higher highs no matter what is on the financial news.