Markets closed basically UNCH after some early morning and afternoon weakness. Despite the quiet day we had a couple of breakouts recorded. RRC and SFLY took out double bottom triggers of 69.50 and 33.79 respectively. Others that took out triggers on soft trade which can be confirmed in the coming sessions are flat bases SNPS 34.30, CHD 59.37, and BAX 69.01. Cup with handles were ABT 34.04, and ARW 40.13. Some concerning developments have arisen with some of the “bottom feeding” (not well regarded companies) stocks performing smartly. Equities like P starting to come along. The stock has a 12.00 cup with handle trigger. Even ZNGA popped today on earnings, of course the stock is so low priced, so the percentage gain may be misleading. Leading stocks have been getting banged up as well. ARUN today dropped 5%, today on huge trade, but is still above its most recent 21.69 cup with handle trigger. THO looked beautiful after taking out a 41.80 cup with handle pivot on 1/24 on 2 times average daily volume. Since then the stock is off about 14%, proving you never marry a breakout no matter how gorgeous she may be. Today delivered some bad news, pun intended, in the transport sector with CHRW deflating nearly 10% after earnings, but finding almost precise 200 day SMA support. Group mate WNC gave up ground to the tune of 7%, but finishing just above its most recent cup with handle pivot of 9.98.
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