Markets spent most of the day underwater Tuesday, bobbing their heads above water occasionally, but closing with mild losses. With the lukewarm action at best displayed by the benchmarks today, breakouts were again scarce. That theme continues to be one of our main worries. One solid breakout occurred today from CRL which took out a 43.40 flat base trigger. COST attempted to and crossed above a 104.45 flat base pivot point intraday, but reversed to close below it. Those membership fees, apparently are helping the bottom line, a luxury that TGT WMT do not have. Look to see if COST can close above that flat base trigger by the end of the week. DFS closed just beneath its own 42.15 flat base trigger, as did TRI in regards to its own 31.28 flat base trigger. Look for volume to kick in as they attempt to close above those previously mentioned triggers. With the scarcity of leading stocks breaking out we will maintain our cautiously bullish stance. It certainly feels like many are still waiting for the pullback to occur. Markets may not be so accommodative.
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