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Saturday, April 18, 2009

IBD 100

Today's inside the IBD column gives various scenarios for how this rally could play out, and waht to do in each one. If you get a chance you should read it. What we are really looking for now is an orderly pullback, and how the leadership in the market responds. (if we have a disorderly pullback, and go back into bear mode, the point of leadership will be moot). They did not give statistics for how the IBD 100 did this week compared to the market, and since I missed it last week I wasn't able to track it either.

STRA was last week's biggest gainer, and it happened to catch a bounce off a support level just as the week began, otherwise this chart has nothing going for it. Moving averages are headed down, price relative is weakening severely, and the eucation group as a whole has performed poorly. If this can get back above the 200dma it has a chance, otherwise, this has topped and is headed down.
ICUI was the second biggest gainer, and a better looking chart. It just broke out of a cup and handle base (poorly formed), and although it's off it's high, appears to be wanting to move up. Here is another case of weakening price relative.

AEM was last week's biggest decliner. Gold stocks as a whole have had a very tough time lately. It began the week sitting on the delining 200dma, but couldn't hold it. Next support here is around 37.50. the breakout point of the current up swing.

AIPC was the second biggest decliner, and probably the best chart of the bunch. It pierced the 50dma for the first time since November, then quickly got back above it. This has pretty strong support in the gap, but probably not enough volume to get moving again until next earnings date.

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