Wednesday New Highs

There were 249 new highs today, here is the list.


Here are the high volume advancers and decliners from the relative strength list. I screwed up and missed getting the relative volume data, and don't have time to fix it.

Advancers				Decliners
Ticker	Change	Volume		Ticker	Change	Volume
CLNE	7.15%	3897045		OLP	-0.06%	113650
RDN	7.05%	9862341		WTFC	-0.13%	1217854
AGM	4.42%	261357		BELM	-0.14%	2121683
JDSU	4.42%	14284829		MFB	-0.32%	424815
SUSQ	2.40%	14367370		MGLN	-0.44%	789159
MDZ	1.76%	4439055		KRA	-0.78%	895211
XRTX	1.62%	999200		DDIC	-0.87%	212327
BPI	1.44%	507201		CKEC	-0.93%	134904
HIG	1.36%	20590420		ARM	-0.96%	4003110
CXG	0.26%	2662043		IUSA	-1.02%	564385
ABII	0.21%	127900		CVGI	-1.11%	212276
SYX	0.18%	154270		HRP	-1.27%	4498026
IBKC	0.12%	1186700		FPO	-1.44%	826903
				ISSI	-1.86%	1167398
				DMND	-2.05%	719990
				PSYS	-2.07%	2748327
				FR	-2.27%	1754235
				ENZN	-2.30%	2906532
				OFG	-2.67%	1478426
				DCTH	-3.69%	4619472
				LINC	-4.53%	1006205
				MITI	-5.16%	1324231
				F	-5.35%	432718016
				MF	-6.49%	6873543
				CAGC	-7.34%	2225823

After the close I had XRTX scheduled. It is up 10% after hours and looks like it will break out of a really nice cup and handle pattern tomorrow.

End of The Quarter Blues

Since it's the end of the quarter, today is a perfect day to look at the "quarter's eye view" of the market. This looks so much like August-October 2007 it's not funny. And, just like 2007, it sure looks like we are rolling over. RSI's attempt to get back above 80 was rebuffed, another poke at 1175 failed, and MACD has a negative print. I don't know if IBD will call a distribution day today, but I'm trating it like one, and that makes 4, so we are on the xusp of trouble. We do have the moving averages for support, and I would be quite surprised if we don't hit one or both. On the positive side, CMF has not dropped by much, so we aren't into panic selling yet, and could well be on the way to an orderly pullback before the next rocket shot up. But then again, maybe not.

The Nasdaq should qualify as a distribution day, and by my count that makes 3 here, no reason to panic. MACD and RSI do look pretty weak, though. CMF is dropping, and this looks like an infmous "rounded top" pattern, one which I am not terribly familiar with. It also has support at the moving averages.

Now here is a reason to panic. Strength in the Dow has recently meant weakness in the market, and this is now by far the strongest of the averages.

If I had to rely on  just one chart to judhe the stat of the market, it would be the Russell 2000. And does this ever look like it is headed down. We haven't even tested resistance in about a week. and are headed for the 20dema, which may or may not give us a bounce. MACD is headed down, and RSI is viusibly much weaker than the other averages. Looks like another correction is imminent.

I have to cut it short, I have some end of the quarter stuff to take care of in my databases, and Wednesdays I am always short on time. I should have a new highs update up in a bit. Until then I will leave you in the capable hands of The Ramones.

End of the quarter? How about end of the Century?

PMI

PMI is a mortgage insurer, a very news sensitive group for the last couple of years, and went ballistic today on a report from the Mortgage Insurance Companies of America that mortgage defaults dropped month over month in February. Now there's a group that has no axe to grind. Hey, guys, how about comparing year over year?

NNBR

One of very few earnings breakouts today, hence the high volume. Otherwise I would think this was an awful looking chart, but it has done the same thing as the market: bounce off the 200dma on Feb 5, then go straight up. Price relative still is pretty weak and this is probably long poverdue for a pullback.

ADEP

ADEP was not in my radar for several reasons: under $5, no volume, and low earnings growth. However, having been brought to my attention by today's volume, I looked at it's CAN SLIM numbers, and they actually aren't bad. This looks like a short cup base, but I imagine on a longer term chart, (you might have to look at a weekly to see it), this may actually be a handle of a larger base, and the real move began where I have the blue arrows, as ATR dropped to a low point just before an increase in volume. The recent bullishg crossover of moving averages (which you can't see because I have a support line drawn over it) means that this may be the beginning of a new up trend. This is one that is going on my "I need to investigate this" list.

Today's Leading Industry

Today's leading industry is Surety and Title insurance, a 13 stock group that has been doing quite well recently, and has several stocks prone to become screamers, as this is a very news (and rumor) sensitive group. Today's screamers are in the chart above.

Despite recent strength, this is still a very weak grwoup. this chart shows the number of stocks in the group that are within the top 25% of the 52 week price range, and as you can see, for much of the last 6 months this group had nowhere to go but up.

Options Data

Today's unusual opions trading, form whatstrading.com.

When I see an enormously abnormal trade, I like to take a look and try to figure out what the trader is thinking. In ATML's case, we may have more than one. Put volume is heavily concentrated in August 5 puts, but in this case it already had a pretty high open interest. As I said, this could be more than one trader. There is also heavy open interest in May 5 puts.

ATML is now trading just above the strike price, and this chart does not look especially bullish to me, so I wouldn't be surprised to see it go either way. 5 puts would be a good hedge on a long position here, or a decent speculative position on a drop below 5. At .45 cents per option, the August 5's are quiter cheap.

Earnings Spreadsheet Update

The earnings sheet has been uploaded. I did do a quick double check, but at this point can't garauntee it to be error free. I color coded the last four quarters for each stock, so the rapidly growing stocks should be easier to pick out.

Breakout Candidates

Here are today's high volume breakouts. I have not hyet been able to investigate an of these, but FSII looks like the best one.

Wednesday Morning Update

We had two instances of bad news this morning, ADP employment coming in much worse than expected, and Chicago PMI, also worse than expected. That sent the market into a tailspin for all of, what, 20 minutes? We are now bouncing right back up, once again "hope" driving the market. I guess Dennis Kneale is right. If you just believe hard enough, everything will be ok. The strategy being employed by the boyz is getting pretty obvious: beat a sector mercilessly until you scare every one out, then buy it up and wait for the rip. XLE is the chosen vehicle right now, leading the market again after about a week or two of getting thoroughly thrashed. XLB and XLF are running for second, while XLY and XLV, two leading sectors lately, are now apparently targets for the beating. Gold and oil are up, the dollar down (except against the yen), and Treasury yields are rising after a gap down.

I have 122 new highs. The high volume movers today include a screamer, ARQL, and a few breakouts:DOVR, NNBR, FSII, PMI, and CVTI. I have two stocks from the relative strength list scheduled to report this morning, CAGC, which did and is down 2%, and HUSA which did not. I have one confirmed reoport after the close, from XRTX.

Tuesday New Highs

There were 260 new highs today, here is the list.


These are the high volume advancers and decliners from the relative strength list.

Advancers				Decliners
Ticker	Relative Volume	Change		Ticker	Relative Volume	Change
BELM	6.58	0.72%		EPL	3.57	-0.33%
DCTH	4.71	10.37%		CPE	3.33	-4.85%
XRTX	2.88	1.46%		CXG	2.43	-0.13%
CNAM	2.71	9.83%		IUSA	2.3	-0.13%
DDIC	2.37	0.88%		RICK	2.01	-3.15%
ISSI	2.07	5.29%		ICO	1.54	-4.01%
PXLW	2.06	1.42%		AGNC	1.51	-1.11%
MF	1.99	2.13%
INSU	1.86	1.06%
ABII	1.85	0.08%
SHS	1.8	0.00%
PETM	1.71	0.66%
ETM	1.61	1.79%
MCRL	1.6	1.81%
LINE	1.57	0.63%
LULU	1.5	1.65%

Tomorrow before the open I have scheduled reports from CAGC and HUSA, only CAGC confirmed.

Recovery In Jeopardy?

With not much driving the market today, it did just about nothing. We did put another pin into the resistance at 1175, but it still stands, and the technicals do appear to be weakening. MACD is so close to a crossover that it is tempting to go short in anticipation, but anticipating moves in this market has been extremely dangerous. We have some distribution here, but not enough to convince anyone a top is in. the bulls (those who aren't already in) can only wait for the pullback that gives another buying opportunity, the bears are waiting for the catalyst that kills this rally (and there are plenty of them lurking out there). Until one or the other happens, it's basically sit on your hands time.

The Russell 2000 had a big lead this morning, but it shrunk by day's end. This is now visibly weakening, MACD crossed over several days ago, and the bonce up is pretty anemic. If this doesn't strengthen I will be looking for the pullback scenario.

XLF was notably weak today, and seems to have a "line of death" at 16.10. Several attempts to get above it have been thrown back, leading to today's drop, which comes on low volume. This has gone nearly straight up since the February 5th reversal and is overdue for a pullback.

This is a pretty bullish looking pattern is crude oil, which has bounced off the 50dma and could be headed for a breakout. MACD and ATR are both telling us a move might be coming, and a strong move over 83.50 could send this up over 90. That won't be particularly helpful to this recovery.

Treasury yields are also setting up a bullish pattern, very similar to WTIC, except the pattern is much longer. With QE ending, and the Fed no longer sucking up FNM and FRE garbage, this could well be over 40 very soon.

There no seems to be some indecision in th market. While the leaders continue to hold up, some sectors are starting to weaken. There may be a lot of doubts about the recovery we are supposedly having, but those doubts have been there for over a year now, and it hasn't fazed the market. But at some point reality os going to hit, and I think it will be sooner than later.

I will have the new highs update shortly.

CRUS

There were lots of breakouts today, mostly of the penny stock bottle rocket type, with few breaking out of real basing patterns. CRUS was one of the few, forming what could be interpreted as a cup and hadle pattern. One thing of note here is the previous breakout (with the breakout point in blue), where it made a textbook move up followed by another base. The first base hit the 200dma, the second the 50dma.  Also notice the increase in average volume after each breakout.

AEHR

AEHR in 2008 was one of the fastest growing stocks in the market, and one of the early members of the earnings list. It is a manufacturer of equipment used in semiconductor manufacturing, and it's biggest customer went bankrupt. Price and earnings both crashed, and for quite a while it traded below 1.00 and fell off my radar.  It has since come back a bit, although earnings are still pretty lean. However, the chart for the last six months looks pretty good, proving that in a strong market even crappy stocks move up.

Today's Leading Industry

Today's leading industry is basic materials wholesale, a 9 stock group with the largest being ANW at $1.15 B market cap, the second largets MIC at $600 M, the rest all under $300M, so this is not a markt leading group.

The relative strength by industry data shows this to be a relatively weak group that is getting weaker. The two largest have decent charts, the rest look pretty awful.

Options Data

Here is today's unusual options trading, from whatstrading.com .

ESLR

One of the reasons the mainstream media has been touting "recovery" is the thousands of jobs that will be created by "green" energy. While it is true that thousands of jobs are being created, they are being created in China. ESLR, one of the few solar companies that manufactures in the United States, is on the verge of bankruptcy and has announced it is moving it's manufacturing to China. So much for "green" jobs.

Breakout Candidates

Here are the top four relative volume breakouts. It looks like it's going to be bottle rocket day.

Tuesday Morning Update

I'm not sure what triggered today's ramp, which came just after the open, although the Case-Schiller 20 city index did come in this morning, in line with expectations. The only other unusual thing I found was a ramp in the USD/JPY pair, which nearly perfectly corresponded to the rise in the SPX. The market seems to be following currency pairs, the problem being trying to figure out which pair du jour it is following.  In any case, shortly after I retrieved the chart, the market collapsed back to near the opening price. 1175 now seems to be an important level, and if 1181 is the top, that would put 1169 at the bottom. Leading sectors XLU and XLI, trailing is XLV.  The Nasdaq is running about even to the SPX, but the Russell 2000 is leading pretty handily.  Oil is up marginally, gold is down marginally, Treasury yields up and rising.

I have 255 new highs so far, with high volume breakout moves in VIFL, SCKT, LGL, MHCG,  DHR, and ENTR.  There is nothing on either watch list reporting today.

Monday New Highs

There were 263 new highs today, here is the list.

These are the high volume advancers and decliners from the relative strength list.

Advancers				Decliners
Ticker	Relative Volume	Change		Ticker	Relative Volume	Change
BELM	274.94	28.44%		MDZ	2.94	-2.08%
CXG	3.94	0.00%		TGI	2.85	-0.18%
DCTH	3.55	4.96%		CKEC	2.69	-4.31%
CPE	3.33	1.27%		PXLW	2.35	-4.26%
UFPT	3.22	1.28%		WNI	2.13	-9.04%
CVGI	2.57	3.04%		AGNC	2.1	-6.06%
MGLN	2.29	1.31%		AGM	2.02	-1.82%
ISSI	2.2	5.58%		RGC	1.84	-1.95%
MFB	2.05	1.70%		KCI	1.75	-1.07%
LULU	1.9	1.60%		BPI	1.74	-1.98%
SHS	1.8	0.15%		EVR	1.58	-2.36%
CBEH	1.76	6.64%
OFG	1.75	0.64%
HRP	1.7	0.87%
SCSS	1.65	10.64%
ICO	1.55	4.18%
HUSA	1.51	7.16%

I have nothing reporting on either watch list until Wednesday.

Churning At The Top, Or A Pause To Reload?

Another gap and crap day, we went up at the open and did a whole lot of nothing after that. This is starting to look like every other rally we've had for the past year, except for the height of the MACD, which is right on the verge of rolling over. We are probably close to yet another correction, and until proven otherwise, I would expect another v shaped correction. CMF is dropping, volume is low, and we seem to have a pretty stiff resistance level at 1175. However, we are only at one distribution day on the SPX, so any "correction" here probably won't last long. Nobody is buying expect the computers and the fund managers desperate to keep their jobs, but the sellers are sitting tight. "Buy the dip" is what is working.

The Dow industrials started this rally weakening, but is now strengthening. In the past cuple of years, relative strength in the Dow was bearish, but so far this one hasn't panned out. Today's huge relative strength in the energy sector could be another sin of rotation, along with this.

The Nasdaq spent another day bringing up the rear. The MACD on here has now made a negative print, volume is declining, and this is really starting to look like a top.

The Russell 2000 has made it's third negative print on MACD. Price realtive is going sideways, so we still don't have an idea of just where this is going. Support now coincides with the 50dema, so we may be in for a test soon.

The Dollar index broke down through it's previous resistance. the "dollar up-market down" correlation is not as strong as it has been in the past year, but is still there, and despite this recent pullback, the trend is still up.

Today's opening jump was credited to consumer spending data. The question I have is simple: if consumer spending has gone up, why haven't sales tax revenues? The numbers just don't add up.

I will have the new highs update shortly.

CALM

If a black candle on an earnings breakout is bad, a red candle is armaggedon. CALM was forming a base, but the right side went over the breakout point and it never formed a handle. One thing that tells me is that lotto fever has a lot of traders trying to anticipate earnings breakouts, a very risky proposition. A flood of orders at the open gapped this up big, and it spent the rest of the day selling off. The lesson here is don't try to anticipate earnings, and don't chase an opening gap. 

KID

Here is an earnings breakout that succeeded. If this is a valid, if distorted, cup and handle pattern, then the breakout point is the top of the handle, just below the previous high. Today's move made the point moot, and I would say this is a little extended here. The rapid rise of the right side of the base, right before earnings, is another indication of the gambling fever that has overtaken the market. Notice that as this was consolidating along the 200dma, ATR was dropping, a pretty good indication of a shakeout taking place.

CATM

One of the reasons for having watch lists is to actually watch stocks. CATM is on the earnings list, and I completely missed the recent increase n volume until today because I was not watching my watch list. I don't have a reason for the recent increase in volume, although it doesn't take much of an increase to really jack it up. CMF has been positive for 6 months, ATR dived just before the start of the move, but price relative is a little weak.

Today's Leading Industry

It looks like blogger's problem is fixed, at least for now. Today's leading industry is Copper, a stock group, of which 3 are large caps (also the 4 biggest gainers on the day), the rest small caps. It also include both copper miners and copper products producers, which really shold not be in the same industry. The large caps are miners and have pretty good relative strength, while the small caps do not.

The relative strength by industry data shows a group that has been trending down for the past 6 months. Since this data ignores market caps, the relative weakness of the small caps shows up most here. Unfortunately, this is a poorly organized industry, but it is the only data I can readily obtain. Had I a complete list of IBD industry groups, I would be using those instead.

Blogger Problems

Blogger is not uploading image files at the moment, so I can't post any updates.  I will start posting as soon as it clears.

EDIT: This problem has been confirmed by blogger, they are working on it, no ETA yet.

Breakout Candidates

Here are the top 4 relative volume breakouts this morning. I have no news on ITRN, SYUT is on an upgrade, CALM is on earnings, and BPW as near as I can find is a potential acquisition.

Monday Morning Update

This morning the first support level to leap out and grab me was 1161. Since 1181 was last week's high, I thought it made sense that that as the range we would be in today, with 1171 as the midpoint. However, since then it occurred to me to further subdivide this into 5 point chunks, thus coming up with a range of 1166 to 1176, which I suspected would be the first level of resistance.  Well, we got to 1173 before crapping out, so it might be back to the drawing board. You can probably guess leading sector, just think of the one that took the worst beating last week. Yes, XLE is leading today, XLB a distant second. Trailing are XLF and XLY. Treasury yields are up slightly, gold is up slightly, oil is up big, and the Euro is up against the Dollar. The story of the day on Friday was the sinking of a South Korean naval vessel, but that story disappeared over the weekend. The last news I saw was that someone was saying the "unidentified vessel" the South Koreans shot at was actually a flock of seagulls. I hope they got the seagull that dropped the torpedo. Oh, and this morning they are now reporting it was a mine rather than a torpedo, which really makes a huge difference to the men who were killed. No, I am now looking for the Obama administration to bend over backwards to avoid a confrontation with North Korea.

I have 144 new highs so far, with breakout moves in ITRN, SYUT, CALM, BPW, and SVR.  I had 2 stocks scheduled to report this morning, but neither were confirmed and neither have reported, so so far there is nothing th=o report on the earnings front.

Earnings Spreadsheet Update

There are 10 total additions to the earnings spreadsheet: CHBT, GYMB, ININ, EMS, CPLA, BWLD, APEI, PNNT, DECK, JOSB

These are the 4 deletions: ALX, PSMT, SOHU, VASC


I have temporarily suspended the 30 million share float limit, however I don't believe any of the additions have more than 50 million shares floating. I placed more emphasis on CAN SLIM characteristics this quarter, mainly because I fell woefully behind in processing the earnings reports this quarter, so I don't have a lot of high growth stocks yet this quarter. On the deletions, ALX was delted mainly for pissing me off with misleading earnings reports, The other have shown a distinct trend in negative growth. Until I get a stable list and a definitive methodology, I will be a bit less aggressive about removing stocks. That will probably take a couple of quarters. What I don't want is a turnover of half the list every quarter like I was getting last year.

The spreadsheet will be updated between now and Wednesday, as soon as I double check all the numbers and color code the second page.

Bank Body Count

There were 4 bank failures this week. They included:
  - McIntosh Commercial Bank, Georgia
  - Unity National Bank, Georgia
  - Key West Bank, Florida
  - Desert Hills Bank, Arizona

That brings to 41 banks down so far in 2010, well ahead of last year's pace. Regulators are confident we will beat last year's total.

Earnings Schedule This Week

Here is what I have been able to gather for this week's earnings schedule. I have confirmed only CAGC and XRTX so far.

Earnings Growth Charts

There were only two stocks from the earnings list reporting last week. As usual, the lines on the graphs are: black is price, black bars volume, blue price relative to SPX, bottom red EPS, and top red EPS growth rate. This coming quarter I plan on either figuring out how to make these graphs easier to read, or find another graphing program that is easier to use.

First up is SNX, whih had a sharp drop in earnings growth in early 2009 but has been slowly recovering since. It is still below 20% quarterly growth, O'Neil likes to see at least 2 quarters over 25%. However, this is technically a strong stock, and I did mention the double bottom base it was forming. It tanked right after this last report, but I expect that to be temporary.

CTFO is another of the Chinese stocks that I don't have lots of data on. It is slowing in it's growth rate after a couple of quarters of high growth, and you can see it in the recent price pullback. This one really won't pull my interest until it reverses it's growth trend.

Earnings Summary

There were only two stocks from the earnings list reporting last week: SNX, reporting a quarter oc accelerating growth, and CTFO, reporting a quarter of decelerating growth. I am now working on the quarterly update, with the following goals: at least 10 new additions, and no more than 5 deletions. Once I get close to 100 I will get a little pickier.

Relative Strength By Industry

Here is an abbreviated  form of the relative strength by industry data. The first column of numbers is the percentage of stock withing the group that are in the to 25% of the 52 week price range, the second column the 4 week average, the third the 10 week average the fourth the difference between the 4 week and 10 week. These are the top 20 industries in difference between the 4 wk and 10 wk, meaning they are trending up. Complete industry data is availabel on the spreadsheet, which has been updated, along t=with the relative strength spreadsheet. There won't be an earnings sheet update until the quarterly revision is finished, which should be on Wednesday.

Relative Strength Scans

Here are the results of this week's relative strength scan. Ther left 3 columns are the socks from last week's list that are retained on this week's list, the middle 2 are the stocks new this week, and the right 2 are the stocks from last week that didn't make the cut this week.

The spreadsheet will be uploaded later today.

Retained				New			Off
AEO	FBR	PAY		ABII	NX		AAWW	RDC
AFAM	FCH	PCX		AEZ	OLP		ACI	SAPE
AGM	FL	PEI		AGNC	PIR		AKS	SLB
AGO	FNSR	PETM		ANR	RFMD		AVX	SLXP
AKAM	FPO	PETS		BBY	SAM		BVF	SPLS
ALKS	FR	PHH		BONT	SCSS		CECO	STX
AMLN	GES	PLCE		BPI	SFI		CEG	SWSI
ARM	GLAD	PNNT		CCME	SHS		CGX	SWY
ARUN	GPRE	PRSP		CHOP	SKS		CLWR	TCB
ATLS	GYMB	PSS		CKEC	SUSQ		CREE	TMO
ATPG	HALO	PSYS		CLD	SWC		CRR	TQNT
BC	HIG	PUDA		CNAM	SYX		CSE	TRLG
BCSI	HOLX	PVH		CNC	TGI		CSGS	TRW
BELM	HSNI	PXLW		CTB	THO		CTV	TXRH
BID	HUSA	QCOR		CTEL	TIE		DISH	UNS
BRKR	IBKC	RCNI		CTRN	UFS		DLM	UNT
BTIM	ICO	RDN		CVGI	WDC		EXR	VQ
BZ	IMAX	RGC		CVVT	WGO		EZPW	WBMD
CAGC	INAP	RICK		CWTR	WNI		FOE	WPI
CAR	INSU	ROVI		CXG	YSI		FST	WRC
CBEH	INT	RRGB		DCTH			GRMN
CHBT	IPG	RSH		DKS			HANS
CIEN	ISSI	RSO		DSW			HLX
CISG	ITMN	RUE		DX			HUN
CLF	IUSA	SAH		EQY			IPCM
CLNE	JAZZ	SFL		ETM			IPXL
CMA	JCG	SLE		F			KEI
CNK	JDSU	SOMX		FBN			LAMR
CPE	KCI	SONC		GEL			LHO
CPNO	KIRK	SRZ		GPI			LIZ
CROX	LIA	SSP		HRBN			LL
CTXS	LOPE	TIVO		HRP			LPHI
DDIC	LVS	TOO		KRA			LPSN
DDS	MCRL	TRH		LGF			LSTR
DECK	MERC	UFPT		LINC			LYV
DIN	MFB	VECO		LINE			MDTH
DISCA	MXB	VHC		LINTA			MEND
DMND	NSM	VIT		LULU			MRH
DNDN	NUVA	VLCM		MDZ			MYL
DPS	NZ	VLTR		MEE			NFP
DPZ	ODP	WILC		MF			OC
ENZN	OFG	WNC		MGLN			OIS
EPL	OKE	WTFC		MITI			OZM
ETH	OSIP	XRTX		MNRO			PEET
EVR	PACR	ZUMZ		NETL			PLL

IBD 100

LULU was last week's big gainer on the IBD 100, and is one of the nicest charts I've seen in a while. It had a pre-earnings "stealth" breakout on low volume early this month, then came back to bounce off the breakout point last Friday (blue arrow) before gapping up on earnings. Unfortunately i wouldn't buy right before earnings, but I sure would have been tempted here. We have the dreaded black candle on the earnings gap, but so far no harm done.

CAAS was last week's second biggest gainer. This is a former bottle rocket that is actually now forming a base. Last Friday it bounced off support just below the 50dma, tried a breakout this week that failed, and may be in for a little more consolidation. When it moves, it moves fast, so don't blink.

PWRD was last week's biggest decliner. This has gone into a hellacious down trend, and last Friday was hitting what turned out to be resistance. It took another tumble, but volume isn;t that high. It has, however, broken the 200dma, and has very little support below where it is. This will no doubt not make the cut this week.

AMED was last week's second biggest decliner. It broke the 50dma after repeatedly failing at resistance, on highr than average volume. The only saving grace here is one support level above the 200dma, which could be pretty strong.

The IBD 100 outperformed the market again this week, and the leadership looks quite strong. If the market is giving any signs of another correction coming, it;s not here.

Friday New Highs

There were 186 new highs today, here is the list.



These are the high volume advancers and decliners from the relative strength list.

Advancers				Decliners
Ticker	Relative Volume	Change		Ticker	Relative Volume	Change
UFPT	4.14	5.06%		SOMX	3.24	-4.42%
AGM	3.05	7.23%		CRR	2.07	-4.10%
RSH	2.63	8.49%		PHH	2.05	-0.13%
CBEH	2.4	0.20%		ACI	1.81	-0.87%
PXLW	2.12	4.73%		FPO	1.66	-0.81%
PAY	1.94	3.57%		FCH	1.66	-1.83%
LVS	1.91	4.59%		BCSI	1.6	-0.88%
ICO	1.91	3.41%
FR	1.88	4.07%
RDN	1.75	6.65%
GPRE	1.66	2.72%
OFG	1.64	0.57%
FL	1.55	2.38%
CLF	1.53	3.23%

I will have a complete earnings summary for the week this weekend.