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Just scanned the NASDAQ-100 stocks. There are many more examples of positive
than negative accumulation line divergence's. This suggests an intermediate
term bottoming process may have begun.
In terms of cycles, we are within the time frame of a 3,6 & 9 month low (the
corresponding 12 month low was overwhelmed). We also have reasonable
symmetry with the October 1998 low. No guarantees, of course.
While short sell candidates are few and far between, a good rally could
change that. The best short candidate I find is BBBY. The stock is bumping
up against potential resistance with evidence of distribution. This is often
a low risk short sell setup.
Especially for NW is bottom fishing candidate, LLTC. This stock has gone to
new lows with evidence of accumulation which suggests a potential trend
change. LLTV has the largest divergence of price to accumulation line of all
NASDAQ-100 stocks. I would be happy with a rally followed by a pullback to a
double bottom with evidence of continued accumulation. This would normally
present a low risk intermediate term buy set up.
Other NASDAQ-100 stocks that show strong accumulation are:
BGEN - higher 10 week low
CEFT - higher 6 & 9 month low
IMNX - 6 month high
MEDI - 6 month double bottom (slightly higher low)
NASDAQ-100 stocks that show strong distribution have lost more than 90% of
their value over the past 100 trading days. They have virtually all become
penny stocks.
No recommendations, just some observations.
Stan
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