In past Trade of the Day posts I’ve highlighted opportunities on the long side, but given current market conditions I though I’d highlight a potential short set up. TRCR took out support of the 50 day moving average recently with heavy volume and has made its way back to this new resistance level with diminishing buy volume which makes it a potentially strong short candidate. I don’t have a short position in it yet but may consider one soon.
Today’s Growth Stock Big Earnings Movers:
Some high quality companies were taken out to the wood shed today – just a few more examples of why you should almost always avoid holding through earnings reports. Why gamble?
UP
• Atlantic Tele-Network (ATNI) Telecom Services – Foreign, fundamental rank [24/30], up 18%, surging above 200 and 50 day moving averages; working on a base
• Under Armour (UA) Apparel – Clothing, fundamental rank [26/30], up 16%, adding to gains from recent breakout, soaring to all time highs
• ON Semiconductor (ONNN) Semiconductor – Broadline, fundamental rank [23/30], up 12%, breaking out to new multi year high
• Navigators Group (NAVG) Insurance – Property & Casualty, fundamental rank [24/30], up 9%, gyrating this way in that, maintaining its sloppy chart; continuing bounce off 200 day moving average
• Interactive Intelligence (ININ) Business Software & Services, fundamental rank [26/30], up 8%, nearing the top of a large base
• CB Richard Ellis (CBG) Property Management, fundamental rank [28/30], up 5%, holding up at the 200 day moving average
• Manitowoc (MTW) Farm & Construction Machinery, fundamental rank [26/30], up 5%, struggling to get back above 50 day moving average after recently breaking support there
DOWN
• DXP Enterprises (DXPE) Industrial Equipment Wholesale, fundamental rank [27/30], down 25%, very surpising earnings miss from this high quality company and a prime example of why you should RARELY hold through earnings; next support level around 30
• Silicon Motion Technology (SIMO), Diversified Electronics, fundamental rank [29/30], down 17%, today is a punctuation mark on a 3 week plunge
• LCA Vision (LCAV), Medical Practitioners, fundamental rank [24/30], down 16%, headed to last level of support in coming weeks
• RRSat Global (RRST), Diversified Communication Services, fundamental rank [26/30], down 7%, bounced nicely off support of the 50 day moving average today
• BE Aerospace (BEAV), Aerospace/Defense, fundamental rank [2530], down 5%, holding its long trend up well despite the selling today
In a review of the exchange traded and closed end funds, none have broken out in the past week but plenty are beginning to break down following the recent market meltdown. With the next US administration not expected to be so kind to big pharma and healthcare it’s not a total surprise that those sectors of the market have begun to break down. Although big pharma and healthcare are a bit oversold currently, there should remain some nice short opportunities in these sectors over the next several months. Both the Ishares Healthcare ETF (IYH) and the Pharmaceuticals Holders ETF (PPH) have broken through key support levels of their upward trend lines and 200 day moving averages. A bit of a bounce from here would provide an ideal short entry.
The last chart shows the breakdown in retail with the Retail Holders ETF (RTH). The consumer can’t possibly be as strong as in the past with the housing situation, so it’s no wonder that retail is breaking down here. Retail is one area i’ll be looking to find short opportunities in over the next year or two.
Note: Chris Perruna has a nice list of links to check out which discuss the recent market plunge
::: Model Portfolio Update :::
In an email to premium members this week I expressed my displeasure with the performance of the Model Portfolio in the last few months and felt that I had become too hesitant and conservative which has hurt my performance. The performance hasn’t been awful (a bit below the S&P), but certainly not anywhere close to my yearly goal of doubling to tripling the performance of the S&P. I mentioned that from here on out, members would begin to see the portfolio traded in a way that mimicked how I trade my personal accounts… with no hesitation. .. trading what I see and acting immediately. It’s not always easy to take on the risk necessary for success, particularly when you’re detailing your performance each and every week for all the world to see. In this business you’re only as good as how you’ve performed over the previous few months.. Very few care about your long term success, they want to get rich and they want it now. This is the most likely the result of conditioning from late night infomercials, spam mail claiming riches, and ridiculous claims of producing overnight millionaires from the multitudes of "pretender" advisory services out there. This misinformation and lack of integrity is one of the main reasons I got into this business in the first place. I’ll gladly trade a few extra members seeking overnight riches for a service of integrity made up of long term members who are genuinely interested in achieving sustained long term profits year after year.
On Tuesday, the market dropped big. No big deal on the surface.. heck we’ve seen drops like this on a few occasions this year only to see the market come roaring back to new all time highs. It was differrent this time. The subprime and housing issues that had largely been ignored due to the Fed minimizing their impact (which they continue to do) were for the first time a real concern for the market. On that day, my entire database of leading stocks dropped by over 3%, the first time I have seen a drop over 3% in this index since I put it together. The character of the market had changed and I was going to act with no hesitation. On Wednesday, the market gapped up and provided the perfect short entry opportunity. Itook it and continued to close long positions and initiate several short positions to shift the portfolio from one that was biased on the long side to one that was biased on the short side. In all, 6 long positions were closed, replaced with 4 short positions. This time around the strategy paid off big, resulting in a gain when the major indices dropped 4 – 5%. In just two days, the Model Portfolio went from lagging the S&P by 3% to more than doubling the performance year to date. I don’t highlight this to boast, I highlight this to remind those trading your own accounts that there will be difficult time when you question your abilities. Stay focused, stay positive, trust yourself, trade what you see and don’t hesitate. If you do those things you will emerge from the peaks and valleys of this difficult business and emerge with great success over the long term.
::: Best/Worst Performers :::
– Top 10 Performing Industries For the Week –
1. Diagnostic Substances: 10.90%
2. Catalog & Mail Order Houses: 1.95%
3. Security Software & Services: .85%
4. Medical Equipment Wholesale: .40%
5. Research Service: .35%
6. Personal Products: .05%
7. Aerospace/Defense: 0%
8. Biotechnology: -.08%
9. Specialized Health Services: -.45%
10. Water Utilities: -.95%
– Top 10 Worst Performing Industries For the Week –
1. Rubber & Plastics: -13.85%
2. Trucks & Other Vehicles: -13.60%
3. Toy & Hobby Stores: -12.50%
4. REIT – Hotel/Motel: -11.20%
5. Gold: -11.20%
6. REIT – Healthcare Facilities: -11.15%
7. REIT – Office: -10.50%
8. Silver: -10.50%
9. Industrial Metals & Minerals: -10.22%
10. Residential Construction: -10.15%
– Top 5 Best Performing ETFs For the Week –
1. Indonesia (IF) 23.00%
2. Gold Miners (GDX) 4.20%
3. Turkish Investment Fund (TKF) 4.20%
4. HLDRS Internet Architecture (IAH) 2.85%
5. Ishares Oil Equipment & Services (IEZ) 2.80%
– Worst 5 Performing ETF’s –
1. HLDRS Internet Infrastructure (IIH) -11.90%
2. SPDR Metals & Mining (XME) -11.30%
3. Ishares Home Construction (ITB) -11.15%
4. SPDR Homebuilders (XHB) -10.40%
5. Powershares Energy Exploration (PXE) -9.70%
::: IPO’s Worth Watching for This Week :::
1. Virtusa (VRTU): the company provides a variety of software development and information technology services, including software engineering, application development, training, maintenance, systems design, and legacy migration. Virtusa’s customers come from industries such as financial services, telecommunications, manufacturing, and retail, including BT Group, Thomson Healthcare, and Vignette. It boasts operations in the US, UK, India, and Sri Lanka.Trading set to begin on Friday.
2. Concho Resources (CXO): Concho Resources explores and develops properties, located primarily in the Permian Basin region of eastern New Mexico and the western area of Texas, for the production of oil and gas. It also owns properties in North Dakota and Arkansas. More than half of the company’s 467 billion cu. ft. in proven reserves is made up of crude oil while the rest consists of natural gas. Concho Resources gets two-thirds of its sales from crude oil. Customers include such energy marketers as Navajo Refining Company (53% of sales) and DCP Midstream (18%). The company has over 80 producing wells in operation. Trading set to begin on Thursday.
3. Genpact Limited (G): The company got its start in 1997 as the India-based business process services operation for GE Capital, GE’s financial services unit. Today it manages business processes (sales & marketing analytics; financial services core operations & collections; and supply chain, finance & accounting, information technology, and enterprise application services) for companies worldwide. Since 2005 (when Genpact became an independent company), it has inked contracts with over 35 clients in industries such as banking and finance, insurance, manufacturing, transportation, and healthcare. GE continues to account for the majority (74%) of Genpact’s revenue. Trading set to begin on Thursday.
4. Sucampo Pharma (SCMP): Sucampo works with a group of compounds derived from functional fatty acids, called prostones; it uses prostones in the development of therapies for the treatment of age-related gastrointestinal, vascular, and central nervous system diseases and disorders. Its main hope, AMITIZA (lubiprostone), was approved in 2006 for the treatment of chronic idiopathic constipation; other applications for AMITIZA, including treatment of irritable bowel syndrome, are in the works. Trading set to begin on Thursday.
::: Upcoming Economic Reports (7/30/07 – 8/3/07) :::
Monday: None
Tuesday: Personal Income / Spending, PCE Inflation, Chicago PMI, Construction Spending, Consumer Confidence
Wednesday: ISM Index, Pending Home Sales, Crude Inventories, Auto & Truck Sales
Thursday: Initial Claims, Factory Orders
Friday: Nonfarm Payrolls, Unemployment Rate, Hourly Earnings, Average Workweek, ISM Services
::: Notable Upcoming Earnings Reports I’ll Be Watching This Week :::
Monday:
Superior Energy Services (SPN), DXP Enterprises (DXPE), ValueClick (VCLK), Silicon Motion Technology (SIMO), Vulcan Materials (VMC), Monster Worldwide (MNST), CB Richard Ellis Group (CBG), CTC Media (CTCM), Manitowac (MTW), Actuate (ACTU), Interactive Intelligence (ININ)
Tuesday:
First Solar (FSLR), Companhia Vale do Rio Doce (RIO), Buffalo Wild Wings (BWLD), BE Aerospace (BEAV), Hologic (HOLX), Chipotle Mexican Grill (CMG), Trimble Navigation (TRMB), NYMEX Holdings (NMX), United Therapeutics (UTHR), Cameron Intl (CAM), Ritchie Bros Auctioneers (RBA), General Cable (BGC), Coach (COH), Vistaprint (VPRT), Under Armour (UA)
Wednesday:
Oceaneering Intl (OII), Globalsantafe (GSF), Dolby Laboratories (DLB), Liquidity Services (LQDT), Central European Distribution (CEDC), Houston Wire & Cable (HWCC), NATCO Group (NTG), Garmin (GRMN), Transocean (RIG), Mastercard (MA), Noble Energy (NBL), Helmerich & Payne (HP), Gmarket (GMKT)
Thursday:
Pride International (PDE), Bucyrus International (BUCY), Cbeyond (CBEY), Morningstar (MORN), Green Mountain Coffee (GMCR), Visual Sciences (VSCN), Radiation Therapy Services (RTSX), Diodes (DIOD), Jones Soda (JSDA), DealerTrack (TRAK), Techwell (TWLL), Rowan Companies (RDC), Tower Group (TWGP), Gildan Activewear (GIL), GFI Group (GFIG), CommVault Systems (CVLT), WellCare Health Plans (WCG), Flotek Industries (FTK), Rio Tinto (RTP)
Friday:
Silver Wheaton (SLW), Tenaris (TS), Hercules Offshore (HERO)
::: In Case You Missed It – SelfInvestors Blog Entries of the Past Week :::
1. Leading Stocks Take Earnings Hit – New Oriental (EDU), Millicom (MICC), Atheros (ATHR)
2. LBO Mania Done, A Great Depression for Housing?
3. Earnings Movers – Ladish (LDSH) & SeaBright Insurance (SEAB) Breakout to All Time Highs
4. Relief Rally
5. Stericycle (SRCL) & Crocs (CROX) New All Time Highs; Netgear (NTGR) Crushed
Today’s Growth Stock Big Earnings Movers:
UP
• Stericycle (SRCL) Waste Management, fundamental rank [25/30], up 12%, bursting a new all time highs
• VCA Antech (WOOF) Specialty Health Services, fundamental rank [25/30], up 12%, carving out right side of base
• Crocs (CROX) Apparel – Footwear, fundamental rank [29/30], up 11%, still chugging to all time highs; too extended here
DOWN
• Netgear (NTGR) Communication Equipment, fundamental rank [25/30], down 22%, took out 2 key support levels in past 2 days.. trying to find support at 200 day moving average
• Sierra Wireless (SWIR), Business & Management Services, fundamental rank [23/30], down 12%, taking out support of 200 day moving average
• Ultimate Software Group (ULTI), Internet Software & Services, fundamental rank [25/30], down 9%, headed to 200 day moving average
Today we got the much anticipated relief rally… to the downside. Relief from the never ending barrage of "Dow 14,000" blurbs and flashing alerts from CNBC. Ok I’m done bashing them.. I’ll leave it to the other blogs to do that since they do a much better job. Suffice it to say I’m disgusted with some of the comments that have been made .. maybe another post for another day. The point is that we needed this move today to wring out the excess and exuberance.. to throw some sensibility back into the market by (and now the talking heads) taking a more serious look at the underlying problems in the economy that have been bubbling but largely ignored (insert Fed officials here). The fact is that this economy is still in a state of extremes that began with the internet bubble mania of the late 90’s, resulting in the market crash, which led to rate cut after rate cut, which fueled the housing boom and the LBO boom, which fueled……. another market crash? Probably not, but you have to believe that there has to be an equal an opposite reaction of fear to the amount of runaway greed we have seen lately. That doesn’t paint a purdy picture, but hopefully it will eventually lead to a more normalized economic environment where extremes are thing of the past….
Anyway, I’m not an economist and just thinking out loud.. I’m a technical trader and key off the charts. I mentioned on Tuesday, that the character of this market had changed with the big move down. The market, which had done such a good job of sweeping the underlying issues under the rug was beginning to take notice. Bull runs die when the market begins finding any bad news to move on which we saw following the Bill Gross and Countrywide CEO comments. The move up on Thursday was a gift.. an opportunity to close out some long positions and get short before the confirmation move below key support levels today. How bad was it today? There isn’t any other way to describe it other than ugly with sell volume coming in at record levels and key support levels taken out left and right. On the bright side, the market did rally a bit at the end of the day and most importantly, the market still looks OK when you look at the big picture on the weekly charts. There is a bit of room to run to the downside before we start approaching what I would call the bull market / bear market mendoza lines. Let’s have a look:
I’ll start with the Russell Tracking Index ETF (IWM), comprised of the small ones and the weakest of the indices. The daily chart indicates the severity of the damage in the short term as the index took out 3 key support levels in the past 3 days, but the long term perspective shows that we’re still within the confines of an upward trend for now. Key support in the IWM is around 76.
The S&P busted through a few key support levels as well but retains support around the area of the April breakout and 200 day moving average.
The weekly view of the S&P indicates that despite the sell off of the past few days, it still has support at the bottom of an accelerated channel and would have to drop another 100 points before it hits the longer term channel. Key support in the S&P from here is around 1460.
The Nasdaq daily shows the break of key support at the upward trend line and 50 day moving average today which is a new resistance area for the index. I do think we’ll see some kind of bounce to this resistance before we ultimately head lower. Such a move would provide another area to initiate short positions and/or cut losses / lock in gains. Next level of support is around 2525.
::: Major Indices Performance – The Numbers :::
Distribution across all indices.
(Note: volume averages are based on the average over the past 50 days)
Data as of 4:00EST – End of Day July 26thth 2007
Nasdaq: DOWN 1.84% today with volume 63% ABOVE average
Nasdaq ETF (QQQQ) DOWN .85%, volume 161% ABOVE average
Dow: DOWN 2.26%, with volume 75% ABOVE the average
Dow ETF (DIA): DOWN 2.03%, volume 220% ABOVE the average
S&P ETF (SPY): DOWN 2.37%, volume 212% ABOVe the average
Russell Small Cap ETF (IWM): DOWN 2.78%, volume 189% ABOVE the average
::: SelflInvestors Leading Stocks :::
The Self Investors Leading Stocks Index is comprised of stocks in the Breakout Tracker, which is a database of the fastest growing companies near a breakout or having already broken out of a base. Small caps were hit the hardest again today, but surprisingly they actually fared a bit better today than they did on Tuesday.
Summary:
* Decliners led Advancers 353 to 43
* Advancers were up an average of 3.2% today, with volume 132% ABOVE average
* Decliners were down an average of 3.08% with volume 34% ABOVE average
* The total SI Leading Stocks Index was DOWN 2.59% today with volume 76% ABOVE average
::: Where’s the Money Flowing :::
Many investing websites provide leading industries based on price performance alone. However, without accompanying volume levels, this can sometimes be misleading. The only way that I know of to gauge industry/sector strength WITH volume levels is through the analysis of ETF’s. A couple years ago this was not possible, but as more traders/investors use ETF’s they become a much better tool for gauging the health of the market and seeing where the money is flowing (or not flowing). Using the proprietary SelfInvestors Demand Indicator score which measures price and volume movements, I’m able to quickly see which sectors/industries are seeing the greatest inflows of cash. For a detailed look at how I go about gauging sector/industry strength please see the following post: http://selfinvestors.com/si/industry_tracking/
* Current Leading Sectors/Industries (over last 30 trading days):
Networking, Clean Energy, Software, Commodities, Technology
* Current Lagging Sectors/Industries (over last 30 trading days):
Broker Dealers, Utilities, Home Construction, Financials, Consumer Discretionary
* Today’s Market Moving Industries/Sectors (UP with volume):
Bonds
* Today’s Market Moving Industries/Sectors (DOWN with volume):
Internet Infrastructure, Real Estate, Energy, Basic Materials, Gold, Homebuilders
::: Stocks :::
The stocks section will be an area where I highlight one stock selected from a group of stocks moving up with volume well above average and most likely breaking out of a base or consolidation.
Sorry, no stock of the day today.
Today’s Growth Stock Big Earnings Movers:
UP
• Ladish Company (LDSH) Metal Fabrication, fundamental rank [25/30], up 18%, breaking out of a base to new all time high with what will be close to record volum
• SeaBright Insurance Holdings (SEAB) Insurance – Property & Casualty, fundamental rank [25/30], up 15%, breakout to new all time highs
• Anadigics (ANAD) Semiconductor – Integrated Circuit, fundamental rank [22/30], up 14%, surging off 50 day moving average to multi year high
• Phase Forward (PFWD) Business Software & Services, fundamental rank [26/30], up 15%, also a nice move off of support to a new all time high
• Vocus (VOCS) Internet Software & Services, fundamental rank [25/30], up 9%, continuing to trend along the 50 day moving average; new all time high today
• National Oilwell Varco (NOV) Industrial Equipment Wholesale, fundamental rank [25/30], up 7%, cementing the trend along the 20 day moving average
• Complete Production Services (CPX) Oil & Gas Equipment & Services, fundamental rank [27/30], up 6%, holding at support of previous breakout and 200 day moving average
DOWN
• RPC Inc (RES) Oil & Gas Equipment & Services, fundamental rank [29/30], down 14%, took out the 200 day moving average yesterday and channel support today
• Portfolio Recovery Associates (PRAA), Business & Management Services, fundamental rank [27/30], down 12%, approaching 200 day moving average and area of previous breakout
• CH Robinson Worldwide (CHRW) Trucking, fundamental rank [25/30], down 6%, still has support of 200 day moving average
• PACCAR (PCAR), Trucks & Other Vehicles, fundamental rank [25/30], down 5%, not a good quarter – taking out support of 50 day moving average
You won’t ever hear that the LBO boom is over or that the depreciation in housing is reaching levels not seen since the Great Depression from the Fed or any government official for that matter. The truth might be seen as irresponsible, sending markets tumbling across the world. So, the Fed has been carefully spoon feeding us the truth by transitioning from telling us that the subprime / housing issue was contained to finally acknowledging that the subprime and housing issue has deteriorated and is worse than expected. So Bernanke told us last week. Today, the sugar coating was removed as PIMCO’s Bill Gross and Countrywide Financial CEO Angelo Mozilo told us how they really feel.
From Bill Gross:
" Both borrowers and lenders may have bitten off more than they can chew, and even those that swallow their hot dogs whole – Nathan’s Famous Coney Island style – are having a serious bout of indigestion.’
‘That growing lack of confidence – more so than the defaults of two Bear Stearns hedge funds and the threat of more to come – has frozen future lending and backed up the market for high yield new issues such that it resembles a constipated owl: absolutely nothing is moving.’
‘The tide appears to be going out for levered equity financiers and in for the passive owl money managers of the debt market."
"No longer therefore will stocks be supported so effortlessly by the double-barreled impact of LBOs and company buybacks. The U.S. economy in turn will not benefit from this tidal shift and increasing cost of financing. The Fed tightens credit by raising short-term rates but rarely, if ever, have they raised yields by 150 basis points in a month and a half’s time as has occurred in the high yield market."
Bill Gross’ entire August outlook is a good read, check it out.
.. and from Mr. Doom, Countrywide CEO
"During the quarter, softening home prices continued to affect many areas of the country and delinquencies and defaults continued to rise across all mortgage product categories as a result. Due to these adverse conditions, the Company incurred increased credit-related costs in the quarter, primarily related to its investments in prime home equity loans."
Perhaps we can no longer call this just a subprime issue!
"We are experiencing home price depreciation almost like never before, with the exception of the Great Depression"
Did he say the Great Depression? Perhaps a poor choice of words that may have spooked the markets a bit more than need be, but you get the idea… the housing market isn’t recovering anytime soon.
Today’s remarks certainly instilled some fear in the minds of traders, but it really isn’t anything all that new. It’s just that after shrugging off bad news after bad news (which is what happens in a bull run), the bulls finally relinquished and today, for whatever reason, the news mattered. The selling was significant enough to create a change of character in this market, possibly creating a market of opportunity sellers rather than a market of dip buyers as we’ve seen over the past several months. That remains to be seen. It’s important to realize that while technically this market has some problems, all indices retain key The S&P took out the 50 day moving average and dropped a hair below its upward trend line and the Russell 2000 is already fast approaching its 200 day moving average. Both the Dow and Nasdaq have a bit further to go before testing key support levels. The area around Nasdaq 2620 and Dow 13600 will certainly be watched closely
After the bell, Amazon reported another blow out quarter and was up 20% after hours at one point, but it may not be enough to stem the red tide tomorrow. All in all, if you weren’t playing conservatively before today, you certainly should be now. Preserve that capital!
::: Major Indices Performance – The Numbers :::
(Note: volume averages are based on the average over the past 50 days)
Data as of 4:00EST – End of Day July 24thth 2007
Nasdaq: DOWN 1.89% today with volume 24% ABOVE average
Nasdaq ETF (QQQQ) DOWN 1.48%, volume 47% ABOVE average
Dow: DOWN 1.62%, with volume 24% ABOVE the average
Dow ETF (DIA): DOWN 1.39%, volume 45% ABOVE the average
S&P ETF (SPY): DOWN 1.73%, volume 78% ABOVe the average
Russell Small Cap ETF (IWM): DOWN 2.39%, volume 96% ABOVE the average
::: SelflInvestors Leading Stocks :::
The Self Investors Leading Stocks Index is comprised of stocks in the Breakout Tracker, which is a database of the fastest growing companies near a breakout or having already broken out of a base. Small caps were hit the hardest today, so it’s no surprise that Leading Stocks were hammered as well. The AVERAGE percentage decline in leading stocks was over 3% today! I don’t recall ever seeing that since I started tracking this information.
Summary:
* Decliners led Advancers 365 to 31
* Advancers were up an average of 1.57% today, with volume 68% ABOVE average
* Decliners were down an average of 3.08% with volume 34% ABOVE average
* The total SI Leading Stocks Index was DOWN 2.71% today with volume 37% ABOVE average
::: Where’s the Money Flowing :::
Many investing websites provide leading industries based on price performance alone. However, without accompanying volume levels, this can sometimes be misleading. The only way that I know of to gauge industry/sector strength WITH volume levels is through the analysis of ETF’s. A couple years ago this was not possible, but as more traders/investors use ETF’s they become a much better tool for gauging the health of the market and seeing where the money is flowing (or not flowing). Using the proprietary SelfInvestors Demand Indicator score which measures price and volume movements, I’m able to quickly see which sectors/industries are seeing the greatest inflows of cash. For a detailed look at how I go about gauging sector/industry strength please see the following post: http://selfinvestors.com/si/industry_tracking/
* Current Leading Sectors/Industries (over last 30 trading days):
Basic Materials, Clean Energy, Networking, Technology, Gold Miners, Software
* Current Lagging Sectors/Industries (over last 30 trading days):
Broker Dealers, Home Construction, Financial, Banks, Homebuilders
* Today’s Market Moving Industries/Sectors (UP with volume):
Agriculture
* Today’s Market Moving Industries/Sectors (DOWN with volume):
Homebuilders, Global Equity Dividend, Nanotech, Utilities
::: Stocks :::
The stocks section will be an area where I highlight one stock selected from a group of stocks moving up with volume well above average and most likely breaking out of a base or consolidation.
Sorry, no stock of the day today.
Today’s Growth Stock Big Earnings Movers:
UP
• Anixter International (AXE) Electronics Wholesale, fundamental rank [26/30], up 7%, continuing to soar to new all time highs, well above 50 day moving average
• Steel Dynamics (STLD) Steel & Iron, fundamental rank [25/30], up 4%, attempting breakout from short base
DOWN
• Saia Inc (SAIA) Trucking, fundamental rank [23/30], down 12%, taking out key support levels, stick a fork in it
• New Oriental Education (EDU), Education & Training Services, fundamental rank [27/30], down 10%, dipped below support of 50 dma early on, but holding above there now
• Radvision (RVSN) Processing Systems & Products, fundamental rank [25/30], down 10%, took out support of 200 day moving average again; needs to spend more time basing
• Millicom International (MICC), Telecom Services – Foreign, fundamental rank [24/30], down 10%, taking out support of 50 day moving average convincingly for first time in over a year
• Atheros Communications (ATHR) Semiconductor – Integrated Circuit, fundamental rank [26/30], down 7%, took out support of 50 day moving average and now testing support at previous break out point
• Smith International (SII), Oil & Gas Equipment & Services, fundamental rank [27/30], down 5%, still holding a tight uptrend despite the drop
• Idex Corp (IEX) Diversified Machinery, fundamental rank [24/30], down 5%, trying to hold up at support of 50 day moving average