3:45 PM – All three major averages are looking to close the week at new all-time highs.
Who would have guessed – not only Trump would win, but that win would also spark such a milestone making rally? Not me.
However, I did not have to guess. I just continued to do what I have done for 15 years. Run screens, build a watch list, properly buy the breakouts.
Wash, rinse, repeat.
We had two default BreakOut Alerts first thing this morning as AVGO and SWC both traded above their respective TRIGGER PRICE. As I discussed with several Personal Portfolio Members via Skype and email – I don’t consider either to be properly buyable.
AVGO was an earnings breakout, and although those can in cases be buyable, this one is not as it was quickly trading back below its TRIGGER PRICE.
The SWC gap open (+18%) breakout was on news. At the open shares were already trading above the MAX BUY PRICE of $16.81.
Not say that there is no way that these stocks can not go higher, it’s just by our discipline each is not properly trigger a BUY signal.
AVGO will remain on the watch list for Monday, as any above average volume gains back above its TRIGGER PRICE of $179.52 could trigger a proper BUY.
As far as our previous breakouts making highlights today we have…
TSEM with a bit of a negative reversal today after blasting to new multi-year highs yesterday with an increase in volume. This is a bit of a concern as shares are extended from support of the 50-day which is -14% below here.
Shares of ARRS are pulling back a bit today as volume is just above the normal rate. This is a bit of a concern for people bought the first breakout on 9/19, as the market is rallying.
Our RTEC selling off today although volume is about average. Just made some new multi-year highs yesterday. As noted – volume continues to lack conviction and shares are becoming extended as support is not until the 50-day, which is currently $18.61 or nearly -19% below here.
MXL pulling back today after sharp gains yesterday of over +4%, however volume was off as it had been during the entire advance from the 200-day moving average.
As regular reader know, early each market morning I diligently screen through hundreds of high EPS and RS ranked stocks that have solid fundamentals.
I am looking for those select few that are setting up in bullish technical bases and which looked poised to breakout that day.
The buy candidates that I find are then assigned their own specific trading criteria such as a Trigger Price and Max Buy Price and then each is listed in our – Stock WatchList: Morning Update and emailed out to subscribers, before the market opens for trading.
You can now receive a free copy of my Stock WatchList: Morning Update report – a concise watch list of high EPS and RS ranked stocks right in your email inbox.
Any questions or concerns, please email me at email@example.com.