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Monday, September 1, 2008

IBD 100 For Next Week

Since I had a little extra time this weekend, I decided to take a look at the IBD 100 to see if I could see anything promising. One thing I found out is that looking at 100 charts closely is time consuming and pretty tedious. Another thing I discovered is that a very large number of the IBD 100 are consolidating along the 50dma, as is AZZ here. I was also looking for relative strength lines leading price up, and I could not find any. AZZ is not leading the market here, which is not a really encouraging sign, but I do like the prospects of it bouncing off the 50dma.

IIIN is in a narrowing range along it's 50dma, and will likely break on way or the other soon. Again, relative strength here is not terribly impressive.

KOP looks quite good here, and is forming a cup and handle base. Relative strength has popped up to new highs, CMF is positive but a little low, volume in the handle is low, which is what we are looking for. I think this has good potential.

TESO is also forming a handle. Relative strength is slightly weak, but not bad. This probably needs another week of consolidation, but could break out at any time.

URBN just broke out of a messy double bottom base and is trying to break out of another, smaller one. Relative strength is high, CMF is rising, and volume, while declining, is higher on up days than on down days. This also has potential.

We'll take a look at these next weekend and see how it went

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