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Saturday, December 6, 2008

IBD 100

The IBD 100 slightly under performed the SP500 for the week, but as IBD points out this morning, after Monday's debacle the IBD100 out performed the market, although yesterday's late rally helped that an awful lot. Signs of leadership are ever so slowly staring to emerge, and I will be keeping tabs on that.

INSU was the big gainer in the IBD 100 last week. As of last Friday's close, it had broken through the 200dma, which would have been a pretty good entry point. Monday's drop should not have been enough to shake you out, and if you had missed Friday's breakout you got another one on Tuesday. I believe the 52 week high is just above where it is now, so this could be making another breakout attempt soon.

PNRA was the scond biggest gainer. It has much the same technical picture as INSU, but is more of a classical double bottom base. Last Friday it had broken through the 50dma, and after a brief pullback, on Thursday broke through the 200dma, which would have been the ideal entry point. Volume has been a little low during this move up, though.

SWN was the biggest decliner, and is a very interesting chart for a couple of reasons. There is a pretty strong support zone around 22-23, and every time it gets down there, it bounces back up toward the 200dma. The other point of interest is CMF staying in the green despite the ups and downs in price..

RAH was the second biggest decliner, and the chart is nothing but bearish. This was prominent in my relative strength scans for the last few weeks Last Friday it bounced off the 200dma, which apparently sucked some buyers in, but collapsed after that. I got a nice bounce yesterday, and 50.52 looks like pretty decent support, but this is still a falling knife.

Speaking of relative strength scans, I will be posting my latest scan either this afternoon or tonight.

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