Markets battled back nicely from early 1% losses to finish in the red, but near their highs for the session. The S&P 500 found a bid at its 1500 handle, and the Nasdaq has the look of putting a handle on a long cup base that began last September. It has a V shaped look to it, which are more failure prone however. Today, even with the benchmarks closing lower we did record a couple of breakouts with MPWR taking out a 23.84 3 week tight trigger, and GNRC a flat base pivot of 39.28. Both AL CPB took out flat base triggers in soft trade of 25.10, 37.26 respectively. Look for volume confirmation in the coming days. The session brought some gloom as well to be balanced with many strong stocks losing ground. AKAM lost 15%, BG 9%, EFX 7%,INXN 3%. EFX INXN managed to find support at their 50 day SMAs. Trucker ODFL lost more than 5.5% today, following yesterdays CHRW 10% bruising. ODFL also found support at its 50 day SMA, and near its prior 35.23 flat base trigger breakout 1/2. JBHT EXPD are still driving along. Talking about losers SWM, an illquid name, lost 10%, and until today had a good looking chart. I thought it was a play on recent marijuana legislation. Guess it was not that potent of a play, pun intended.
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