Markets traded in a listless fashion Monday to begin the week, ending the day close to the UNCH mark. The Nasdaq made it 3 up days in a row, while the S&P 500 narrowly missed doing the same. As has been the case recently, breakouts were hard to come by, but some recent breakouts are behaving well. SAVE is flying, pun intended, well ahead of its 26.97 flat base trigger it took out on 5/1. Today it tacked on an additional 4%, and is up 5 of the last 6 weeks. It is extended however, so wait for a proper buy point to develop. Of course to be balanced there were plenty of laggards. We have our old tech laggards, like CRM which lost its 200 day SMA last week, and looks to be headed for bear market territory, down 19% from a recent 52 week high. As we noted our bearishness, after announcing a 4 for 1 split in late March, the stock seems to be listening to what we said. Then you have a former alcohol leader ABV which is already in bear market mode down more than 22% from its recent 52 week high. The stock is on a current 3 week losing streak down more than 14% during that time span. That preceded a 7 week losing streak, between the weeks ended 3/15/13-4/26/13. It remains mired in a deep drunken stupor. Perhaps its time for the benchmarks to sober up, and retreat a bit. Volume has not been intoxicating since last Thursdays rebound.
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