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Saturday, October 5, 2013

Leader Charts

To say we had a divergence his week is an understatement; with the market down marginally for the week, the leadership list was up over 3%. SYNA was the biggest gainer. This has been in a long, sloppy base and had a sloppy breakout. Last Friday (blue arrow) it had just pulled back from resistance and looked like it was going to form a handle, but starting on Monday went into a pretty relentless rally. This has been sttrongly out performing the market for a month, and that is likely to continue in the short term.

OAS was the second biggest gainer, This one started to outperform just a couple of weeks ago, but has made a very strong move since then. It is butting up against the target I have projected for it, and looks like it is due for a pause, bu I will be looking for a decent pullback for an entry point, otherwise, this is another one that got away.

CSTE was the biggest decliner. This is a shallow pullback after a previous breakout, and so far is looking pretty bullish. Volume looks favorable, but price relative is slightly flawed in the it is also in a shallow drop. hat is not a terribly serious flaw, and this could be setting up another breakout, which could happen just about any time.
RDA was the second biggest decliner. This popped last Friday on what turned out to be a legitimate buyout offer, and is now trading like an acquisition. This goes into the acquisition list, making it ineligible for the leadership list, so unless the deal gets busted, this is the last time we will see this chart.

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