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Charts courtesy of stockcharts.com

Saturday, October 19, 2013

Leader Charts

This is starting to sound like a broken record, but we had another big week on the leadership this week: 20 gainers and 4 losers, and an overall nearly 5% gain. LGND was the boggest gainer on the week, coming on a breakout from what is debatably a double bottom base, although that debate would be pointless as this went through every conceivable breakout point.  The is an early stage base, and it appears to ne picking jup a bit in volume, so this could be the beginning of a big move.

SYNA was the second biggest gainer. This one has started a move out of nowhere in just the last two months, breaking out of a long term (previous high was in 2007) trading range. I have no idea where to put resistance here, since it now in uncharted territory. This one should be avoided for the time being: it is going to get volatile, and it is reporting next week; otherwise, this is another one that could be in the beginning of a big long term term move.

CRME was the biggest decliner. To put this one into perspective, it's 2006 high was about 70; it is now at 4.81. Whether that makes it a "value" or not is not something I care to debate, but one thing it proves is that it has, however speculative, to get back to 70. That is a bit of a stretch, but in the meantime, it is going to be a roller coaster ride.
OMER was the second biggest decliner. This is shaping up to be an O:Neil high, tight flag pattern, probably the most powerful pattern in the O'Neil aresenal, so this will be one to watch. One thing that sticks out to me about this week's charts is that none of them are long term leaders; all 4 of them just recently started moving, and all 4 have spme pretty enormous potential. That might be pointing to new leadership in the market, and that just might mean we are in for another big bull move in the market.


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