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Saturday, August 30, 2008

IBD 100

Last week's IBD 100 was down marginally overall, but their were 2 stocks up 10% or more and none down 10% or more. Interestingly enough, the IBD 100 index has been lagging the SP500 by quite a bit (today's edition has a chart of the IBD 100 index on page B8). DXPE was the biggest gainer. This has been in a fierce uptrend since breaking out in late July and got a big boost in volume this week. On Monday it was bouncing off the 20dema, and never looked back.

TITN was the second biggest gainer, and one of the most bearish charts on the 100. CMF has dropped through the floor, a head and shoulders pattern has developed, and it came right up to the descending 50dma, which will likely be strong resistance. I would rather be shor than long right here.

There is a discrepancy between my data and what is in IBD today. I have RIMM as last week's second biggest decliner, but IBD has it as the biggest decliner. Considering last week's mysterious disappearance of CLR, I am sticking with my data. RIMM is another bearish chart, but it did get a very nice bounce during this latest rally. Leaders of previous rallies are very rarely leaders of new rallies, and I think RIMM's time is about done.

I have CEDC as last week's biggest decliner, although there is no mention of it in IBD. Here is yet another bearish chart, and this week it went through the 200dma, and is trying to establish a support level here. Another one bites the dust.

One of the reasons I have been posting the gainers and losers on the IBD 100 is to see if there are characteristics that can help us predict what will likely be the big movers on the next week's 100. So far, I haven't really found anything, but as usual, I haven't devoted near the time to it that it really needs. With the holiday weekend, I may have a little time to do that, and if so, I will certainly keep everyone posted.

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