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Saturday, September 7, 2013

Leader Charts

We had a lot more gainers than decliners on the leadership list this week, and CLR was the biggest gainer, no doubt helped by the move in crude oil. Last Friday (blue arrow) it was sitting on the 50dma and about to form the right side of a very short cup shaped base. It has yet to break out, and price relative is still not at a 6 month high, but is crude oil continues to climb, so will this.

AKRX was the second biggest gainer. This has made two big moves since the beginning of August, including one big gap up, so it is hard to determine a trading range here, but potential pivot points at the bottoma nd top of the gap project a target here of abut 19.50, which it nearly hit yesterday. This may inch higher in the short term, but ultimately is likely to pull back, probably pretty sharply, before moving higher.

UBNT was the biggest decliner. This is pulling back after a very strong move up, and may be getting ready for another move up. It is finding support right about the mid point of the trading range it established after the gap up. Whether this forms a short base here, immediately begins another move up, or immediately collapses is a total crap shoot at this point.

GMCR was the second biggest decliner. his is also in a pullback after a move up, but this one looks a little nasty: he volume pattern is not very good, with oo much volume on the way fown, and this dropped below the pivot point at 82.70. None of those are the kiss of death, and this can turn around at any time, with an ultimate target for this range of 97.60.

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