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Man, was Ben right re the market !
Re NOK: I consider a failed breakout as a leading indicator of underlying
weakness.
Plays havoc with the position trader's apathy to churn, but brings fruit to
the "free your mind and the rest will follow" kind of money chaser...
Someone really wants out as NOK now trades below 50 day ema on double
average volume. And the day's still got 1 hour to go. I wonder if the RSI
divergence sets up a springboard buy on the Daily...
Stocks that broke out to new highs from cups and handles before the market
took off early on (SDLI, TECH, KEI etc) are all under distribution. Either
this becomes the pullback to test the old breakout highs, or this is the
inflection point for something larger. The biotechs are setting up for a
sell the news event for next week. The few surviving semiconductor/equipment
stocks are rotating leadership out of MU LLTC etc into ALSC ELNT.
SSTI can't seem to hold onto its c&h breakout from yesterday, and if it
closes here it will form a lizard/tail sell bar for a short below today's
low tomorrow.
Looks like the new money finds its way into something by selling off
something else, with the net change in flows being zero.
Would you believe Burr Brown was a CANSLIM pluck at new highs two days ago?
Never before have I experienced a c&h breakout being acquired...
Today, PEP and PFE also get sold but BUD trades higher.
Nothing's doing.
I hate it when the trends aren't there.
Gitanshu
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