Recommended Reading

Google Search

Google
 
Charts courtesy of stockcharts.com

Wednesday, October 19, 2011

Wednesday Morning Update


On the intraday chart you can sure see the volume burst we got going into the close, and no matter what the reason, it was enough to gives us an unquestionable follow through day. We are down this morning, and again, no matter the reason, it should be looked at as a buying opportunity, that is if you can find something to buy. There was not much good action in leading stocks yesterday and today might be even worse, with AAPL finally succumbing to the sandbagging game they have been playing for years. XLF is leading again this morning, with XLU a close second, and XLK and XLB are both getting blasted. The Nasdaq is lagging badly, the Russell 2000 only slightly. Oil and gold are up, as are treasury yields.

I have 53 new highs so far, with breakouts in ABT, ISRG, MANH, INTC, CB, and XEL. Reporting last night were AAPL, down 5%, and ISRG, up 9.2%.  I had CMG, BWLD, and NVEC all scheduled for this morning, but they are apparently reporting after the close.






2 comments:

Y.Y.B.C said...

I think we both got caught up in the follow through day. Really look forward to your thoughts on the afternoon action afterthe beige report from te fed.

ISRG had a nice gap up break out from cup and handle base today, thought you might be interested.

David said...

Hi YYBC,

I missed your comment this morning struggling with spreadsheet problems. I didn't know the Beige Book was today (not that I pay attention to it anyway) but that probably accounted for the late decline. ISRG has a pretty decent chart, and the volume was good. I don't like the big gouge in the handle, but just about all of them have it.

Google Analytics