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Sunday, July 11, 2010

A Look At The Leaders

There are several stocks on this week's leadership scan that haven't appeared before, so I thought I would take a look at the weekly charts to see what was up. Here is CLB, which clearly belongs on it, as it has become an extremely strong stock that has been going virtuaIly been going straight up since November 2008. It is now forming a very nice looking cup and handle pattern, and when you can clearly see it on a weekly chart, it makes it htat much better. One flaw is the high volume reversal when it hit it's high, something you really don't want to see in a handle. There are two major pivot points, one about 49, the other about 72, and it's above both of them.

I was quite surprised to see HANS on the list, but you an see it has had a large increase in volume in the last two months. This has big time resistance at 45, and if it breaks through that, it could really take off. Normally leaders of past bull markets don't lead the next one, and this hasn't, it probably made this week's scan by default.

RNR is another one that has had a recent increase in volume, and is just about sitting in one pivot point, and not far below it's 3 year high. Other than that, I'm not really impressed.

I'm starting to wonder if I made a mistake on this week's scan. Usually I come up with one or two that are questionable, but not like this week. I did come up with most of the usual suspects, and although CTB is questionable, it has come up before. We just may be seeing more than usual turnover this week.

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