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Saturday, October 20, 2007

IBD 100

The top 3 gainers on last week's IBD 100 were shippers. These are all way extended and are far too risky to buy at these levels. At the close last Friday (blue arrow), TBSI was bouncing back up after a slight pullback. This was really the last reasonable buypoint.

PKX was the biggest loser on last week's IBD 100. As of last Friday the chart was quite bearish (after a new high earlier in the week). It has gone through the 50dma, but if it bounces off support at 155, this could be a good buy. It will have serious resistance in the gap at 175.

CYNO is a good example of a failed breakout. Last Friday it broke out on high volume, but there was a lot of selling pressure. It closed almost 3.00 off the high of the day, a sign that the breakout would likely fail. The action last week confirmed it. This might find support around 37, but then it could pull back all the way to the 50dma.

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