2 BreakOuts – 2 Stocks From My Watch List

ALL

After closing down last week, the major averages closed higher this past week.

We continued to swap up weeks for down weeks for a fifth week as the S&P 500 and Dow each notched new 2016 highs.

Stocks found broad support from better-than-feared corporate earnings, which helped limit declines.

On Sunday, some big oil meeting supposedly didn’t go so well. Hence, oil is down and that will weigh on the market as it has done previosuly.

Again, we are more focused on individual stocks…

No new watch list additions today.

We had a pick up in the number of breakouts recently.

Any stocks which breakout on volume remain cautiously buyable, as we have to give them the benefit-of-the-doubt.

As I say – If stocks are breaking out, something good must be going on.

Here is an update on the breakouts from the Technical SetUps WatchList had last week.

1) Orthofix International N.V. (OFIX – Nasdaq)

PROFILE: Orthofix International N.V., a medical device company, provides reconstructive and regenerative orthopedic and spine solutions to physicians worldwide.

On March, 23rd, this selection was added to the Technical SetUps WatchList. Shares broke out (+2.9%) and clearly triggered a technical buy signal on this past Thursday. They continued to advance the following day, before closing the week at a new all-time high on Friday (+2.5%).

LATEST ANALYSIS: For those who bought this breakout, Friday’s advance did lack solid conviction as the volume was only about average. May be no real concern as volume was lower in many stocks as well. From here, any above average volume declines would be the first negative sign to watch out for. Our 1st SUPPORT would be the previous highs near $42, and a break below there would a technical violation. Below there support is at the 50-day moving average, which is currently at $39.89.

OFIX041716

2) II-VI Incorporated (IIVI – Nasdaq)

PROFILE: II-VI Incorporated develops, refines, manufactures, and markets engineered materials and opto-electronic components and products worldwide.

LATEST ANALYSIS: On Wednesday morning, this stock was added to the Technical SetUps WatchList . Shares broke out the following day as they traded above the stock’s TRIGGER PRICE of $22.28 while the day’s volume was well above average (+23%). There was a pull back on Friday, and that is only a bit of a concern as the volume was much lighter, being only -36%.

From here, more above average volume gains would be technically encouraging, while any contined declines would be a growing concern. We may have to see how shares behave if they pull back to support of the 50-day moving average ($21.05).

IIVI041716
Here are a two stocks from my TrendLine SetUps WatchList, which am I monitoring for a buyable breakout.

 

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Today’s Stock WatchList: Morning Update – 4/9/16

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 *Any stocks highlighted in yellow looked the most poised to possibly trigger today.


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Nothing to Buy – Closely Monitor Current Positions

We had a negative reversal yesterday.

Dow futures are off -249 at the moment.

We will be in portfolio pruning mode today.

Sniping any individual stocks which break technically or sell off on volume.

That is all we need to focus on today.

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Another New BreakOut Yet Leaders Continue to Slip

Stocks posted weekly losses Friday as slippery negotiations between Greece and its lenders failed to produce a decisive agreement.

The Dow Jones Industrials lost –69.27 points, or –0.38% on the week, closing at 17946.68. The Nasdaq closed down -36.50 points, or -0.71% to 5080.50. The S&P 500 declined -8.50 points, or -0.40% at 2101.49.

The chart below shows our breakouts and their dates relative to the index.

$SPX

Friday’s volume was impacted as the FTSE Russell rebalanced its indexes. As companies move from one index to another, managers of index-following funds are forced to buy or sell shares to mimic the performance of the index. Keep in mind, that may have have an affect on some of our selections below, as well as holdings in your account.

As everyone monitors daily the Greece debt crisis drama and watches for clues as to when Janet Yellen will raise interest rates, we will keep doing what we have been doing for more than a decade. We will buy stocks as they break out from the High Ranked Leaders Watch List, while we closely monitor our current holdings.

We did have another new breakout this past week as shares of….

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