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'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.