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Saturday, January 1, 2011

Leader Charts

 Again this week, I did not get the IBD 100 list, so i am going to post some charts from last week's leadership list, in this case the biggest gainer, decliner, and two other charts of interest. AXTI was by far the biggest gainer, and the only stock on the ist to get any volume this week. It broke out early this week, and has had a nice run since then, but appears to be slowing down. It fell about 35 cents short of the fibonacci projection, which might just mean that this move is not over, but at this point I am looking for it to come back to test the breakout point.

I forgot to put the blue arrow in the AXTI chart, which is last Thursday's close, but did remember it here. SHOO was last week's biggest decliner from the list, and while it wasn't a big decline, it did break the 50dma, and volume was a little high for last week. This is probably going into a base, which it may be in for quite a while, but I think it's leadership days are over for now.

NFLX also broke the 50dma, although it is on low volume, so I'm not going to make too much of the break. This woud be a good entry point assuming this starts back up on Monday when the volume comes back in, just as long as you get out quickly if it doesn't.

CMP is one of the newcomers on the list, and it did advance slightly this week, but doewsn't tade very heavily. It has a well defined trading range, and a breakout past about 41 is the entry point here. ATR is dropping fast, which might mean it could come pretty soon.

I have been having trouble with the screener today, so I will probably be late again with the relative strength scan.

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