Tuesday New Highs

There were 170 new highs today, here is the list.


These are the top 10 industries in percentage of stocks making new highs:

Name	Stocks	NH	Percent
Long Distance Carriers	3	1	33.33
Music & Video Stores	3	1	33.33
Specialty Eateries	4	1	25
Publishing - Periodicals	9	2	22.22
Silver	9	2	22.22
Air Delivery & Freight Services	10	2	20
Auto Parts Stores	5	1	20
Nonmetallic Mineral Mining	10	2	20
Oil & Gas Equipment & Services	49	9	18.37
Beverages - Wineries & Distillers	6	1	16.67
Jewelry Stores	6	1	16.67
Photographic Equipment & Supplies	6	1	16.67
Textile - Apparel Footwear & Accessories	24	4	16.67

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

Advancers				Decliners
Ticker	Relative Volume	Change		Ticker	Relative Volume	Change
GGP	12.5	0.56%		IGTE	12.29	-19.45%
DECK	4.05	5.30%		GBDC	5.55	-6.56%
EXK	3.22	3.33%		GES	3.14	-2.58%
TZOO	3	10.26%		ARUN	3	-7.84%
CMG	2.83	0.58%		MGIC	2.6	-5.81%
PUDA	2.6	4.53%		ATML	2.53	-3.71%
HL	2.3	4.58%		BSDM	2.11	-11.51%
WNC	2.19	3.84%		MMR	1.95	-7.15%
NFLX	2.18	3.51%		UFI	1.87	-1.73%
ANF	1.74	3.06%		GSL	1.85	-3.54%
RITT	1.71	8.92%		CRM	1.76	-3.19%
RES	1.69	1.45%		EXXI	1.75	-3.18%
				ASYS	1.55	-1.29%
				LNG	1.53	-5.75%

I have nothing reporting after the close. before the open I have FNSR from the relative strength list scheduled.

Testy Tuesday

We had a litle of everything today: another successful test of support, and unsuccessful tst of resitance, and high volume. We are now apparently going into moving average hell again, stuck between the 20 and the 50. The good news is the 50 is rising, the bad news the 20 is dropping, so one or the other will likely give way soon. Support is being defended here, but that defense dries up as soon as we lift off.  Notice that, despite the lack of down movement in price, MACD id still moving lower, although RSI is hanging tight. It tlooks like the 1173-1237 rnge is going to be the battle ground between bulls and bears, and it looks like it can last for a while.

The picture looks similar in the Nasdaq, although quite a bit stronger. MACD's downward movement is slowing, and RSI is trending up slightly. Volume was big here, and there was a lot of movement, but in the end we stopped about here we started.

the Russell 2000 has established itself as the leader, and unlike the others, has support rather than resistance at the 20dema. MACD never went into as severe a downslope, and looks like it is trying to reverse here.  RSI is rising, ATR is very low, and this is not far from a breakout. Tomorrow I will ake a look at the Elder impulse chart, which is not far from a buy signal right now. The Russell gave a buy signal back in August, several days ahead of the SPX, and may do it again.

The TNX chart is looking a little weird here, it's not often you see this kind of volatility. It has tried to drop, but the rising 20dema has provided support, and now the 50dema is rising. The 200dema, which has so far been rsistance, is flattening out. Just as with the SPX, the moving averages are going to squeeze the price, and one or the other is going to give.

QE 2 was supposed to trash the dollar, but that trashing didn't last long. the fibonacci grid fits perfectlyh right over that little pullback we had, and gives up a target of 81.85. Notie how MACD turned up well before this bottomed out, which was a pretty good indication that that was a bottom. The logical play here is to wait for it to hit 81.85, drop to the 200dema, then go long there. Of course, these always do what they are supposed to do, but never when they are supposed to do them.

I will have the new highs update shortly.

HUN

HUN was one of the better looking breakouts on the day, although i could not find a catalyst. This is a very long first stage base in an uptrend starting in early 2009, after a humongous crash in 2008. It is still well off it's all time high (near 25). The price relative line looks strong here, but on a longer term chart might not look so strong, as this went into a swoon in late March, and didn't bottom out until July. A couple of things about this chart caught my eye: the symmetrical positions of the 3 pivot points, with the middle point almost exactly 50% between the upper and lower; and the move in mid September on high volume possibly on earnings). Although it didn't hit a new high, it broke through a minor resistance level and, in hindsight, was the start of a pretty strong up trend. This does not have particularly impressive long term CAN SLIM credentials, but recent quarters have been decent. It has too large a float for my taste (190 million shares), but it does look like it has some potential here.

Today's Leading Industry

Name	Stocks	Change	4 week avg	10 week avg	40 week avg
Music & Video Stores	3	3.07%	33.33	28.33	38.21
Manufactured Housing	4	2.16%	0	0	6.88
Silver	9	2.06%	97.22	77.78	41.94
Jewelry Stores	6	1.51%	50	43.33	42.17
Residential Construction	18	1.47%	2.78	3.34	18.18
Gold	48	1.32%	54.17	49.9	34.05
Grocery Stores	19	1.19%	43.28	37.31	30.8
Movie Production, Theaters	12	1.17%	33.33	26.67	27.27
Textile - Apparel Footwear & Accessories	24	1.11%	35.42	37.21	46.69
Meat Products	12	1.04%	47.92	43.33	51.46

Today's top 10 industries.

Today's leading industry, music and video stores, is NFLX, and ha been looked at into oblivion. Silver and gold are most interesting to me today because of their short term strength, and the fact that the silver group is sharply outperforming the gold group.The graph today is the gold group, which is strong compared to the rest of the market but weak compared to the much smaller slver group. That is probably due to the out performance of silver over gold recently, but group size could also be a factor, as gold may have a higher proportion of crap stocks than silver (that is a guess on my part). In any case, bith of these groups are on the rise and will continue to be strong as long as gold and silver are rising. Something went wrong with the chart, it looks like one of the axes got screwed up, I will get that fixed by tomorrow's graph.

Market Leadership

Ticker	50-Day Simple Moving Average	52-Week High	Change	Change from Open	Gap	Relative Volume
BIDU	0.52%	-8.81%	-2.31%	-1.80%	-0.52%	1
CMG	28.47%	1.13%	1.44%	1.82%	-0.37%	2.06
DECK	34.24%	2.20%	3.37%	-0.01%	3.38%	4.44
FCX	6.65%	-6.14%	0.54%	1.76%	-1.19%	0.95
FFIV	19.61%	-3.06%	-1.74%	-0.45%	-1.30%	0.78
GES	15.43%	-6.85%	-1.03%	0.08%	-1.11%	1.77
IGTE	0.65%	-18.91%	-18.39%	-18.05%	-0.40%	14.97
NFLX	22.82%	1.90%	2.45%	2.93%	-0.46%	2.5
PCLN	7.28%	-7.27%	-1.90%	-1.01%	-0.89%	0.84
SINA	15.01%	-2.87%	-2.33%	-2.09%	-0.25%	1.03

It seems we have a fallen leader this morning. IGTE is collapsing on huge volume. the only news I have on it is a possible acquisition of an Indian computer company. Leadership is now narrowing, with CMG, DECK, and NFLX still in solid up trends. IGTE has so far held the 50dma, and if it continues it may get a bounce tomorrow, but I.m not betting on that. BIDU is also at the 50dma.

Here is a link to the charts.

Breakouts

Here are today's top 4 relative volume breakouts. None are on earnings.

Today's Pivot Points

Floor		Woodie's		Camarilla		Demark
R3	1210.9	R2	1201.59	R4	1196.97	High	1189.06
R2	1200.62	R1	1196.13	R3	1192.37	Low	1172.36
R1	1194.2	P	1184.89	R2	1190.84
P	1183.92	S1	1179.43	R1	1189.31
S1	1177.5	S2	1168.19	S1	1186.25
S2	1167.22			S2	1184.72
S3	1160.8			S3	1183.19
				S4	1178.6

Tuesday New Highs

After yesterday's miraculous rally (the 3rd in the last 10 days, and also the weakest), which took us out of that little tight range I was expecting us to stay in, this morning we went right back into it. I played it safe with the support and resistance levels and expand the range up to 1193, but we still have a pivo point at 1178 to contend with, and I don't believe the Fed has any POMOs scheduled today. Oddly enough, there is not much of a spread between leading and lagging sectors: the leaders areXLY and XLB, lagging are XLK and XLV, and there is only about half a percent difference top to bottom. The Nasdaq and Russell 2000 are bith lagging pretty badly. Oil is down, gold up, and Treasury yields are down. The Euro is bouncing after an overnight drop, and the market is following it nearly tick for tick.

I have 59 new highs so far, with breakouts in RVR, INHX, HUN, CRZO, SCR, and CHSP. I have BSDM from the relative strength list scheduled to report, I can't tell if they have or not, but they are down 7.7%.

Monday New Highs

There were 166 new highs today, here is the list.

These are the top 109 industries in percentage of stocks making new highs:

Name	Stocks	NH	Percent
Long Distance Carriers	3	2	66.67
Music & Video Stores	3	1	33.33
Food Wholesale	8	2	25
Wholesale, Other	4	1	25
Processing Systems & Products	9	2	22.22
Oil & Gas Refining & Marketing	28	6	21.43
Internet Service Providers	10	2	20
Photographic Equipment & Supplies	6	1	16.67
Consumer Services	13	2	15.38
Air Services, Other	7	1	14.29
Computer Based Systems	7	1	14.29
Oil & Gas Equipment & Services	49	7	14.29

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

Advancers				Decliners
Ticker	Relative Volume	Change		Ticker	Relative Volume	Change
MGIC	8.36	2.68%		TER	3.09	-4.93%
GSL	4.31	10.89%		GGP	2.88	-1.11%
ASYS	3.14	5.17%		BSDM	2.22	-14.64%
SINA	1.91	5.47%		GES	2.15	-4.81%
DECK	1.71	0.61%		LNG	2.08	-4.68%
ANF	1.69	0.62%		SWC	2.07	-4.80%
				GBDC	1.99	-0.29%
				MWW	1.86	-3.41%
				EXXI	1.59	-2.64%

I have nothing on the earnings front.

Today's Market Brought To You By The Letters POMO

Today was a tale of two markets, both summarized by one word: in the morning, Ireland, and in the afternoon, POMO (here is a link explaining what a POMO is). Ireland has not only ceded soveriegnty, but has saddled their 4 million citizens with a boatload of debt, all in the name of saving more banks. And right here in the USA, where our leaders are much to responsible to monetize debt, that is exactly what they did today, sending the market into a humongous afternoon rally.the remarkable thing today is went down to the critical support level at 1073, held it, before rallying. The blue arrow marks the day IBD called a correction: so far that call has proven to have been correct, as we have gone virtually nowhere since then. This is day 8 of a rally attempt, and tomorrow could be a critical day, as the best follow through days come on days 4 though 9. We could get a break of either 1073 or 1200 tomorrow, and if we go to the upside today's volume should not be hard to beat.

If we were going just by the Nasdaq, the correction call would have been premature, as here we are up nicely off the bottom, but most of that move came in the first 3 days. This has cleared the midpoint of it's current range, and if we do get a follow through day it will likely be here.

the Dow industrials broke support briefly, and put a pin through the 50dma. The fly in the ointment here is the price relative line, which appears to have stopped dropping. We may be in for a longer correction than many think.

The Russell 2000 made a remarkable move today, is outperforming now by a wide margin, and is nearly ready to break out. Money has been rotating into here since late August and shows no signs of slowing down. Unfortunately, this is not one of the indexes that IBD uses to determine a follow through day, and without the big caps picking it up a little, this move might not last very long. However, if it does continue to lead, we could be in for a long uptrend.

Yet another sell off stopped dead in it's tracks by the Fed. How long can they keep this up? All I know i, not forever.

I will have the new highs update shortly.

KKD

Most of today's breakouts came in thinly traded small and micro caps. KKD was one of the few to actually get volume. The most noable thing to me here is the near 50% retracement between pivot points here. Also notable is the declining CMF on the way up. It looks like the big money topped buying somewhere around 4.50.  And most notable: this reports December 1 (Wednesday).  Can it get any more obvious than this?

WMCO

WMCO is probably most notable for being in the auto parts groups, which has been very strong. this woul probably be a pretty good chart if this ever got ny volume, but when 12k is a volume surge, you know ypu arre in an illiquid stock. This could be one to keep an eye on, however, as if the strength of the group continues, this will probably draw more attention.

Today's Leading Industry

Name	Stocks	Change	4 week avg	10 week avg	40 week avg
Building Materials Wholesale	3	3.78%	33.33	20	24.37
Music & Video Stores	3	3.56%	33.33	28.33	38.21
Drug Stores	5	1.75%	0	0	10.5
Air Services, Other	7	1.56%	71.43	60	48.57
Air Delivery & Freight Services	10	1.41%	60	54	51.5
Silver	9	1.34%	97.22	77.78	41.94
Regional - Mid-Atlantic Banks	94	1.31%	17.17	12.79	17.09
Publishing - Newspapers	10	1.17%	20	13	34.75
Credit Services	35	1.16%	49.27	40.62	44.68
Manufactured Housing	4	1.10%	0	0	6.88

Today's top 10 industries.

Building materials - wholesale is another of the groups we have seen lately that has not come back after the April peak. this is only a 3 stock group, and the largest, BECN, is making a big move today, apparently on earnings, but has a terrible looking chart. there is only one stock in the group that has decent relative strength, IBI, and that is nothing to write home about.

Market Leadership

Ticker	50-Day Simple Moving Average	52-Week High	Change	Shares Float	Insider Ownership	Insider Transactions	Institutional Ownership	Institutional Transactions	Float Short	Relative Volume
BIDU	3.44%	-6.55%	-1.71%	294.04	51.60%		72.16%	1.46%	2.91%	0.81
CMG	26.84%	-0.53%	-0.20%	30.35	1.85%	-8.03%	97.59%	3.99%	11.63%	1.14
DECK	29.87%	-0.29%	-0.29%	37.63	3.46%	-10.11%	99.11%	-3.05%	11.30%	2.08
FCX	4.35%	-8.54%	1.35%	470.45	0.27%	-7.96%	82.16%	4.33%	3.47%	1.03
FFIV	21.45%	-1.60%	-1.46%	80.41	0.52%	-2.32%	93.66%	-2.77%	6.04%	0.6
GES	16.83%	-6.19%	-5.12%	63.6	0.12%	-78.82%	73.62%	6.51%	4.88%	2.16
IGTE	22.91%	-1.33%	-1.17%	28.83	38.26%	-7.45%	48.19%	7.51%	11.71%	0.95
NFLX	18.93%	1.81%	2.12%	50.48	0.33%	-94.04%	91.42%	2.36%	20.76%	1.34
PCLN	9.85%	-5.41%	-1.44%	48.65	0.79%	-11.42%	97.26%	-1.73%	7.30%	0.66
SINA	16.66%	1.04%	3.83%	55.45	9.43%		92.60%	-35.21%	8.80%	1.97

Here ia the customary Monday look at the new market leadership. I have 2 up on the day, and one (NFLX) at a new high (what a surprise).

Here is a link to the charts.

This Week's Economic Reports

I will get 2 posts in one here. Here are this week's economic reports.

Here are this week;s Treasury auctions.

I have 99 new highs so far, with breakouts in OXPS, RBY, WMCO, INUV, KKD, and MOVE. I had JOSB from the earnings list scheduled to report this morning, but they will actually be reporting on Thursday.

Monday Morning Update

I am off to a very late start this morning, but as soon as I saw this chart I knew I had to get it posted as soon as possible. Look at how well it lines up. I should have known we would be retesting the 10 day low at 1173, and thta is exactly what we did this morning. We have not one but two gap ups in the last 10 days in nearly the same place, so that should now be resistance. 1173 and 1183 are now the key levels to watch, although I would be surprised to see either broken today.

I haven't taken a look at anything but this chart yet, so i will have a breakout and earnings update in a few minutes.

Bank Body Count

I may not be on the internet tonight, and since I missed last week's bank failures, I will get them now.

 - First Banking Center, Michigan
 - Gulf State Community Bank, Florida
-  Allegiance Bank, Pennsylvania

The 2010 body count is now 149. Since this is a holiday weekend, there were none this week,.

Earnings Schedule This Week

Here is what I have of this week's earnings schedule. The only one I have been able to confirm is ULTA.

Earnings Growth Charts

 I had only one stocks from the earnings list reporting this week, so I will take the opportunity to post some charts I missed ealier this quarter as well. Those charts reflect the data I had at the time they reported, and price hasw probably changed a bit since then. In the top panel red is EPS growth rate, black revenue growth rate. In the middle panel red is EPS, black price, and blue price relative to SPX. In the bottom the black bars are volume.

 CYBX is the one that reported this week. It reported accelerating earnings growth but anemic revenue growth. It is quite clear from this chart that revenue growth leads EPS  growth, which does not indicate continuing accelerating growth. This inexplicably crashed after rallying off the 2009 bottom, and has just about reached the 2009 high, and unless earnings growth continues, may encounter severe resistance here.

PNNT reported the week before, and is one I do not have quarterly revenue data for. The EPS rwoth rate has dropped significantly, but is growing. Price has rallied quite spectacularly off the 2009 biottom, but is very likely to slow down quite a bit here as earnings slow down.

CAAS was one of the big momentum stocks in late 2009-early 2010, but earnin gs and revenue have dropped significantly (actually, returning to the norm after a bout of very high growth in both). This appears to be in the process of building a very long base.

WATG is another one that had a huge rally off the 2009 bottom, with a big spike in earnings and revenue, which appear tp be reverting to the norm. This pulled back sharply on the slowdown in earnings, but this quarter they reported accelerating growth, and price reversed and started heading back up. This data is a couple of weeks old, and the current price is 8.21, so so far this has not responded to the growth in earnings.

I will try to have an update to the earnings sheet up today, and so far my plan is to have it updated and 100% accurate before the end of the year. Most of the stocks on the list have already reported, and the chart data I use for them will be plugged int the earnings spreadsheet, which is a little tedious but I should have it done before the end of the year.

New Leadership Scan

Ticker	Price as a % of 52 Wk H-L Range	EPS growth past 5 years	Return on Equity	50-Day Simple Moving Average	200-Day Simple Moving Average	20 day v/ms	X
NFLX	100	0.43	0.68	0.08	0.5	90.18	0.42
DECK	100	0.34	0.28	0.25	0.4	42.13	0.15
BIDU	93.24	1.51	0.48	0.07	0.42	32.26	0.35
SINA	98.43	0.43	0.46	0.11	0.41	29.59	0.3
FFIV	100	0.25	0.17	0.15	0.53	28.2	0.38
CMG	100	0.75	0.23	0.2	0.57	27.54	0.37
IGTE	100	0.58	0.22	0.19	0.61	26.43	0.42
GES	99.26	0.51	0.27	0.1	0.13	25.31	0.03
FCX	85.37	0.47	0.44	0.09	0.32	25.11	0.23
PCLN	96.17	0.67	0.33	0.14	0.53	24.25	0.39
LULU	100	0.53	0.36	0.12	0.27	23	0.15
DDIC	96.99	0.41	0.22	0.11	0.36	21.39	0.25
AXTI	93.57	0.54	0.17	0.16	0.64	21.19	0.48
JOYG	100	0.57	0.44	0.08	0.29	17.91	0.21
AAPL	97.05	0.58	0.35	0.03	0.19	17.14	0.16
IDCC	85.3	0.31	0.73	0.09	0.21	17.12	0.12
CSX	95.56	0.25	0.17	0.07	0.18	15.46	0.11

This week the leadership scan yielded 17 stocks this week, mostly the usual suspects, with a couple of newcomers. GES is new, and I believe DDIC is as well. As usual, I will be tracking the top 10 over the course of the week, but will be keeping an eye on all of them.