Each week at ChartSmarter we like to bring to a little insight into what we do on a daily basis. We have been at it for more than 4 years and we love doing it. Each night we detail 7 to 8 of our favorite ideas, both long and short, for the next days session. We do NOT have a chat room, nor are we active “tweeters”. We like our business growing by word of mouth. For those who would like to see a full copy of our Thursday Game Plan, email me at firstname.lastname@example.org.
In our Wednesday Game Plan on 5/27 we looked at HQY. HQY is an IPO in the medical software group, both of whose sectors have been active in this long term overall rally. Coming public last summer it is now up 59% since inception. We highlighted a 26.20 trigger in a falling wedge pattern and that was taken out on 5/27 and is UP by 6%.
Stocks that can be bought as they take out bullish falling wedge patters are HQY. HQY is a healthcare software play that came public last July and is higher by 47% since inception and 2% YTD. The stock is higher 10 of the last 13 weeks and has produced nice earnings gains the only 3 times it ever reported. It was higher by 3.9, 1.2 and 11.4% on 3/24, 12/10 and 9/10. HQY trades in a very tight manner, unusual for a recent IPO and did take out a 26.60 cup base trigger on 4/28 jumping almost 7% in double average daily turnover. It is below that now but found 50 day SMA support within the wedge. Enter with buy stop above 26.20. Todays action on a tough tape should be respected.