Markets tried valiantly to make it 6 consecutive up days Thursday bu fell short in the last hour of trade. Both the Nasdaq and S&P 500 are up .8% going into Friday and looking for 3 straight weekly gains. From the looks of things this week the market still looks very strong. Stocks continue to break out, and today MDCO took out a 35.29 flat base pivot point. Among bright spots are the continued strength of transports. The IYT is still a handle above its 112.40 flat base trigger it took out Monday, certainly helped by FDX’s robust 6% plus move this week back above par and its 200 day SMA. Of course there are always laggards in each group to be avoided, and recent ones CHRW SKYW are severely under performing their peers. CHRW down 7.4% this week looking like an outside week in the making, and SKYW down more than 4% this week alone too. It is always encouraging to watch a stocks action AFTER a gap up. Names that can maintain those big bullish moves and consolidate sideways tightly are always good candidates for longs. Examples of just that, coming from very diverse sectors, include V LRCX HAS ACT CAKE AIG ALKS CRI FBHS.
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