Double bottoms

Some very double-bottoms popped up today:

• SIMO
• TEX
• DSX

Another nice one is ATN, but not a double-bottom. 3 of those in one day is unusual for me to see. I think this is a Good Thing, even though the market overall didn't do much today.

I did sell half my BGC position on a spike for a 20% gain. I didn't even realize it had happened, just noticed more cash in the acct and realized that my stop I had put in way back when hit. Later in the day, it retraced and was down on the day.

Recent acquistions that I haven't posted about yet have been more AAPL at 125, ICE, KYPH, and VDSI.

NYX bottoming?

This thing looks like it may finally be putting in some kind of bottom
(much to Cramer's delight). You saw big volume spikes on the way down
around 6/21. Then it churned through some volatile days and put in a
couple of dojis on low volume last week. Indecision.

Then on Friday it bust out 3% with volume 5% above avg. It has great
EPS and SMR ratings in IBD, but of course the RS and Acc/Dis ratings are
pathetic. Also, it's below the 50d, and the 50d is below the 200d.

Still, this might be a low-risk entry with a stop at Friday's open
price.

girl, I been HURN

I would call that breaking out of a 3 wks tight pattern on high volume, wouldn't you? Yeah. I think I will buy some.

BGC has done really well for me this week. Also, MTOX is showing renewed vigor. AAPL might make another run at a new high before this whole iPhone thing is said and done. I sold half my shares last week and will watch to see if they do some kind of climax run next week as the hysteria builds.

The Nasdaq had a bearish engulfing day, followed by a piercing pattern (bullish) yesterday. I hope this doesn't mean summer choppiness is upon us.

triggers

Here's some stocks that I see firing my triggers today:

BGC confirming it's breakout from 2 days ago. May be a little extended
from buypoint, but volume has been increasing nicely the last 5 days.

YUM is breaking out of a 65-68 channel. Would like to see more volume,
but it is a low risk opportunity with a stop at 67 (or 65 if you're more
adventurous). This stock has been very good to me over the years as a
long-term hold. I got out of it after 2/27 and should have re-entered
sooner, and might use this as an opportunity. They announced a split a
week or two back.

JCOM should have bought this one yesterday, but it might still be within
5% of a 32.5 high. Volume might be diminishing.

TEX making a new high off a "mini-cup" pattern. Needs volume.

TSO making new high breaking out of 57-62 channel. I also like the idea
of having a refiner as a longer-term play.

GTI hasn't really based long enough for my liking, but making upmove
today off a 2 week tight pattern. Volume is looking good.

MR looks like it is breaking out of a 3mo cup & handle (short handle)
pattern. Volume running above avg, decreasing volume in the handle,
looking good. I am skeptical of buying a Chinese stock right
now--especially THIS one, which I bought last on 2/26. But it's very
tempting...

MICC (best for last) already above avg volume and up 5% breaking out of
a long 81-87 channel that has been building for 7 weeks. Some big downdays
in that time but good support at the 50d and now looks to be taking off.

I am long BGC from a few days ago. Of the others, I will look to enter
MICC and probably GTI today. MR I will ponder over some more.

solar goes crazy

What is with all these solar energy IPOs going nuts lately? TSL, FSLR, SOLF, etc. I searched today to see if there was an ETF that carried these things. I read about one coming out "soon" but didn't see anything that was exclusively solar right now. Oh well, I've got WFR and that should be a solar play.

Speaking of sector rotation, it's not looking good for the financials. The XLF is down and the XBD looks even worse. Stocks like MS, MER, LEH, etc are getting hammered. I'm still long GS from 178 and AGE which I bought back in 2000 in my IRA for 35, but I may be bailing out of both of them if they fall much further.

Interesting stocks:

• MSTR brokeout to a new high
  
• RIMM new high on big vol
  
• HURN had a powerful gap up and follow-through
  
• GEF has based for a week after breaking out to a new high
  

Today I closed out my position in CHINA. It found a little bit of support, but has been lackluster for me.

I'm also looking to get back into MFW. I may have exited it too soon.

AOB: don't call it a comeback

I'm not getting my hopes up yet, but AOB staged one heckuva recovery this afternoon. It was down 10% at one point and came all the way back and weathered the storm to close down only 1%. It has had 3 down days on increasing volume. If it continues to show this kind of strength, I might look to buy some more, maybe as it goes back above the 50dma.

• CSX finally broke out to a new high today on big volume.
• CROX I'm watching to see if it can hold this support it seems to have found at 52.
• VSNT is probably too extended, but it's in a strong group with good momentum. Possible overhead resistance at 25.
• TTG is a speculative play as the fundamentals are just decent. It sits at 7.45 after 3 days of big volume gains and 7.50 would make a new high (well, since 2000, anyway).

I heart HRT

I still don't see things breaking down. The market had a strong close today, which is a good sign, and my stocks reflected that too. My portfolio was up 1.4%. SYX continued to run, and CHINA finally moved out of its tight range with a 5% jump. Also, I picked up HRT today. I set a buy-stop order for 31.85 (close yesterday was 30.82) and it filled early and then was down a little, before it went on to close 3% up for me and 6% up on the day.

NYX is down a little again today, but both yesterday and today have been down on very low volume.

• DWSN big move today to make a new high out of a 6wk cup
• TIE made a 6mo high, breaking out of a 2 month double bottom with a handle (at least, that's how I interpret it. As IBD said, metals are strong, but they have lead for a while and may be rolling over.
• MIDD made a new high on big volume out of a 3 week range. Impressive fundamentals.
• Got ICE on the watchlist. It broke out Friday and has found good support the last 2 days.
  

nice day

My account was up 1% today. Big gainers included AOB and SYX, each up 4%. AOB is bouncing up off this most recent base and I'm tempted to pick up some more shares.

• PTNR new high off 1 month flate base on big volume. Strong group including VIP and CHL may be pulling it up.
• ACN new high big volume off 6wk channel.
• LDSH passed the old high from last May today.
• HOLX 9month cup no handle. Same group as OMCL and CUTR, which have both also had big moves.
• AIB big bounce through the 50dma.
• SHS new high, big vol, 7wk base.
• CRM new high, big vol, double bottom with handle.
• GFIG a blast from the past. Made a new high today on what kinda looks like an 8 mo C&H with good volume dryup the past 3 weeks.

LDSH new high

LDSH is forming the right side of an 8month cup (or could it be called a double bottom base?).  I'll be watching to see how it closes and if it starts to form a handle. 

HUBG has formed a handle and is now approaching the buypoint.

XIDE and WGA, climax tops?

Not much today. There are a lot of familiar stocks that are still doing well, including many from yesterday, but I don't see a good cup & handle. Here's some to watch though:

• LDSH volume is drying up.
• RBA building right side of 7month cup. Watch for handle or breakout.
• OKS may be forming a right side. It has found good support at the 50dma over the last month and now volume seems to be increasing.
• IMKTA wow. Too extended now, but watch for a pullback or base.

this is still a confirmed rally

Looks like volume in AOB might be drying up.
HRT has had a couple of downdays, but looks like it has found support at 28.50 or so. I wonder if Jeff sold his yet?
NYX is still holding on.

Interesting stocks:

• CVLT new IPO with good fundamentals and looks to be under accum.
• JLL new high on big vol off 2wk base. Not the prettiest chart, but good fundamentals.
• DLLR double bottom to set new high on big volume.
• CNH slightly above buypoint for 6mo C&H on the weekly chart.
• HMIN is still doing its thing.
• MAN strong bounce off the 50dma.
• POT broke out of a 2month channel to a new high on strong volume. Group 4 and strong fundies.
• SYK is here again with another big vol day to a new high.
• KNOT hammer on big volume. Not a great chart, but it made a new high.

I spent today in jury duty (but did not make it onto a jury). I used the opportunity to reread How to Make Money in Stocks. I tried to pay extra attention to the market tops and sell rules because I've been noticing so much bearishness. The book made me feel better. There's no point in trying to second-guess the market. As the Big Picture said, there aren't a lot of top stocks breaking down. The breakouts that I see are all in the top groups. My stocks are still performing well.

interesting week

My acct was up slightly, but less than 1%. Wednesday was such a big upday, but then Thursday gave it all back. I'm not sure I can just waive Thurs off, as IBD did, as a distro day because volume was slightly lower. If you were to count it, that would be 4 distribution days, instead of 3. But, part of being disciplined is following the rules.

I went to an IBD meetup meeting this week, and everyone there was very bearish (some said they were 100% cash). I don't know if I agree with that. We are in a confirmed rally. If you don't think that's a good time to be invested, when will you? At the beginning of the next rally? But if you're that gunshy, you might even wait it out a while after the follow-through. As a wise Mauitrader once said, listen to the market. Besides, Jeff had a good point that if everyone is that bearish, this thing might just have legs.

Anyway, I did get out of KPN this morning. It gapped down on huge volume today, but found very strong support above the 50dma. I did not follow my rule here. My rule was to sell it on a close below $14, but it wasn't even close. Basically, I got scared out of it by thinking too much about which way the market will go. I need to be careful and get out of stocks when they fail (lose 7-8%), but I'm not seeing that yet in my portfolio. OTOH, there are not a whole lot of stocks that are having runaway breakouts.

I'll have to think this weekend about where I want to be in this market. I've found quite a few nice charts today, but is this the week to be getting in? I don't know, but now earnings season is finally over.

Some things that caught my eye:

• COLM low EPS but nice high on big vol today
• VPRT saw this one a week or two ago on the movers & shakers and it's back again
• WFR formed a new high with big vol on a 7month cup w/o handle. Nice fundamentals.
• VSAT also saw this one yesterday. Nice cup&handle that started in May and just slightly above the buypoint.
• EMS breakout off 1wk flat base. Strong up/down ratio.
• SYK big vol breakout from 2 wk base.
• HMIN nice technicals and breakout. Some say the china sector has topped.

Not a bad day

My account was up 0.5%. PAY had a 2% upday--not quite a followthrough, but good action.

I found a lot of interesting stocks after close today:

• CHDX, forming a handle on big vol out of a 2 month cup and setting a new high.
• STNR, big vol new high off an 8 week flat base.
• ENR, up big on huge volume, breaking out of 3 month cup.
• PCP formed a new high on big volume off a flat base.
• USAP is looking very nice, but probably too far extended at this point.
• RIO made a new high out of a 3wk cup, but no handle and it didn't close at a highpoint.
• Big moves by the telecomms today. CHL, MBT, and MICC all made new highs breaking out of 3 week cups with nice volume, although MICC is extended. Too bad KPN couldn't catch that wave.
• COL I've been noticing recently. It's posed to make a new high if it goes up another day or two.
• LMT set a new high off a 1 week base, although it is extended.
• TAP broke out of a 1.5 year cup&handle. It's fundamentals could be a little better and that was a brutal dive into the cup.