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Saturday, October 3, 2009

IBD 100

Once again, my data matches IBD's data, so all is right with the world. RINO was the biggest gainer from last week, and this is one that has come out of nowhere. Just 6 months ago it was barely getting any volume at all, but the last couple of weeks has seen a huge surge. IBD has a knack for picking up on stocks like this, and getting on the IBD 100 probably had a lot to due wih the increase. This has just broken out of it's first decent base and pulled back to the breakout point, which is probably the idel entry. his could start forming a handle pattern here, or it could take off again. At this point it's just a guess.

CACC was the second biggest gainer. It has formed a sloppy looking bae, whih is not surprising considering the low volume this gets. As of last Friday, it was just below the 50dma. After a gap up on Monday, it tried a breakout, but pulled back below the breakout point and is likely going to form a handle here.

CHBT was one of the big gainers the week before last, so naturally it was the biggest decliner last week. This took a big hit on high volume. It is in an area where there is lots of support, and is still above the 50dma, but with this kind of volume it won't hold.

FUQI was the second biggest decliner, and also dropped from #1 to #2 on the IBD 100. Often the second biggest decliner has the most bullish looking chart, and this would be close thanks to the reversal candle after it went below the 50dma, but the drop came on awfully high volume, and besides, this is preposterously overextended.

IBD now has the market pulse at "uptrend under pressure", as they haven't hit the panic button yet. That means the distribution days are still being counted. We are up to 5 on the Dow, 4 on the SPX, 3 each on the NYSE composite and Nasdaq. The low count on the NYSE and Nasdaq is probably the reason for not calling a correction.

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