Price Relative Scans

Here is the price relative scan for Tuesday: no 200 day breakouts, no 100 day breakouts, 2 50 day breakouts (Finviz screen here), and 5 20 day breakouts (here).

Tuesday New Highs

There were 146 new highs today, here is the list.

These are the top 10 industries in percentage of stocks making new highs:

Name	Stocks	NH	Pct
Foreign Utilities	3	2	66.67
Auto Parts Stores	5	3	60
Personal Computers	2	1	50
Office Supplies	4	1	25
Specialty Eateries	4	1	25
Health Care Plans	17	4	23.53
Home Furnishings & Fixtures	18	3	16.67
Sporting Activities	6	1	16.67
REIT - Diversified	37	6	16.22
Food Wholesale	7	1	14.29
Gaming Activities	7	1	14.29
Toys & Games	7	1	14.29

These are the high volume advancers and decliners from the relative strength list:

Ticker	Relative Volume	Change		Ticker	Relative Volume	Change
CALL	3.14	12.14%		MTH	5.92	-10.90%
WPRT	3	9.53%		BIRT	4.26	-7.40%
LNG	2.05	0.71%		CFX	2.82	-1.43%
SAFM	1.86	0.83%		DCT	2.17	-0.18%
MOH	1.54	1.90%		ARIA	2.07	-0.74%
				ACAT	1.98	-0.50%
				JCP	1.84	-0.62%
				AGP	1.71	-1.43%
				TNH	1.53	-0.42%
				LSI	1.5	-1.05%

After the close I have reports from STX, up 5% in after hours trading, and KEYN, down 1%.

Onward To February

Today was a near mirror image of yesterday - this time a strong morning and a weak afternoon. That is unlikely to change the big picture, which is a pullback in a bullish chart pattern. We did get higher volume today, but did not get the decline necessary for a distribution day (at least, I don't think so. IBD says we have 3 distribution days on the SPX, but I don't see any after December). The momentum indicators (RSI and MACD) are rolling over, but it looks like we are just working off mild overbought conditions. Until proven otherwise, this is the time to be preparing for the next leg up.
 

WTI is still consolidating along the 50dma as it has been for the last couple of weeks. The mid point of the trading range it is in is about 97.50, and as long as it can stay above that, I remain bullish here.

 I have been trying to be bearish about gold, but it is now pretty clearly building the right side of a long base. It is now a little extended and could pull back at any time, but overall I would say the trend is up. When gold rallies like this, I get the feeling something is coming, and it could be quite unpleasant.

 If the gold bugs are nervous about something, the bond guys are in a near panic. I have been trying to make sense of this chart for months, and just can't fathom what these guys are thinking. I would say it's a safe bet these guys aren't nearly as optimistic as stock traders, and they are rarely wrong.

UUP was up marginally today, and the dollar might have been as well, but the two charts are very different. This looks like it's a sure bet to hit the 200dma, which would have sent the market rallying in the near past, but the correlation is very weak now.

So far we are looking at a very mild pullback in a pretty strong up trend in the market. An up trend that has lots of warts, particularly in the lack of leadership. This pullback may give an opportunity for some big leaders to emerge, and I will be watching closely for that.

I will have the new highs update shortly.

MAT

I  picked up 3 more breakouts today in the Market Watch game (and got stopped out of one I already had), but now that I'm taking a closer look at the charts I'm getting a little buyer's remorse. One thing I don't like to see in earnings breakouts is a pre-earnings breakout like MAT had last week. Another thing I don't like to see is a weak price relative line. One thing I do like is today's volume, and a nice gap up over any possible resistance.  I may be adding to this on any pullbacks, assuming they are just pullbacks.

TGI

TGI looked pretty good as a breakout this morning, but looking at this chart it isn't that impressive. The price relative line is pretty weak, and it's hard to tell exactly where the breakout point is. This one ought to have a stop right below the 50dma, but if it fails it might be a good idea to dump it before then.

GRA

I have GRA hitting a new high in price relative 10 of the last 11 days (that is all the data I have, it's been doing that for longer than 10 days), but it didn;t hit a 52 week high in price until today. It would hve been nice to get this one the breakout in December, but at that time there was nothing unusual about this stock. It has pretty clearly been accumulated for about the last month, and while it looks extended here, it is likely to go higher.

Today's Leading Industry

Here are the industries with 70% or more of their stocks advancing today.

 Here are the industries with 15% or more of their stokcs mnaking new highs.

Most of the groups with high amounts of stocks advancing are small groups, with the exception of health care plans, a former leading group that is still in the top 10 in 40 week average. These stocks all crashed last July-August, most bottomed out on October, and several have come back to nearly where they were before the crash. This will likely become a leading industry again very soon.