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Thursday, May 3, 2012

WFM

WFM was by far the best looking of the breakouts today, and one of two positions I added in the Market Watch game. The base it just broke out of is very short but pretty well formed, and while the rest of the market was dropping in April, this was building the right side, stealthily avoiding hitting a ne high and attracting attention. The price relative line did hit a new high, which told us this was a very strong stock.  There is a flaw here: during the handle the price relative line dropped, although not very dramatically. Today's breakout probably negates that, and this is likely to be forming a new trading range.

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