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Saturday, August 31, 2013

Leader Charts

Overall the leadership list took a pretty good hit this week, and there were more losers than gainers, but there were a few bright spots. UBNT was he biggest gainer: last Friday (blue arrow) it was at the begining of big vertical move. Tnat move ended on Thursday, and it is now pulling back; how long or how far we don;t know, but there will likely be another move up when it is done. Thanks to a weak market, this has a very strong price relative line, but at this point is very extended and is a very risky trade.

INVN was the second biggest gainer. This one isn't nearly as dramatic as the first chart, and is yet to break out to a new high, but is still a pretty good chart. The price relative line is in a very steady, if more modest, up trend, and is far more likely to continue, One thing of note is that the price relative line has broken out to a new high while price has not: price very likely will break out soon.

NOAH was the biggest decliner, continuing a slide that began with it's earnings report last week, and continuing all the way to the 50dma, where it is struggling to find support. It is now 7 trading days since the report; normally it takes 10 days for a stock in an up trend that gets whacked on earnings to turn around and resume it's up trend. That may or may not happen here, but if it can hold this general area for another 3 days, it may end up being a pretty good buy.

QCOR was the second biggest decline, although on the chart it doesn't look that big because of the huge 6 month range this has had. Most notable here is a very strong price relative line: this appears to be undergoing accumulation during this latest sideways move. This is one that may be worth a shot at buying before earnings   (I don't have a date for it), because that is when it makes the bulk of it's moves.

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