Major Averages Pull Back – Our Stocks Show Some Resilience

The major averages are pulling back today about -1%.

Days like today are the days where we see which of our holdings are showing strength and which are showing weakness.

For the most part our stocks are holding up rather well.

Only a few are down considerably with an increase in volume…

PTXP – Shares are down this afternoon (-3.4%) with an increase in volume, yet currently holding support of the 200 DMA ($15.53).

LCII – Pulling back sharply from recently made new highs with an increase in volume.

ARRS –  Some new recent lows today as shares fall further from the 50-day moving average.  Volume remains below the normal rate.

As previously noted – Any further declines below the recent lows near $28.86 would be the final SELL signal as there is no solid support until the 200-day moving average, which is -12% below here. That is happening today as the stock is currently trading at $28.51.

TCB – Further declines today, triggering a FINAL SELL SIGNAL.

The company announced earnings Friday morning, before the open and shares opened with a gap lower as the results did not meet Wall Street expectations.

We close out today with +12% gains.

TXN – Holding up today as the market pulls back.

Was an earnings breakout. Those can be more rewarding, yet as noted – carry more risk. Shares made several days of above average volume gains, however, Friday’s declines are a bit of a concern.

Chart courtesy of stockcharts.com – Click chart to enlarge.

MRVL – Pulling back -1.13%, yet volume is below average with no serious concerns.

Was a nice buyable gap open on Wednesday with a +183% increase in volume. Shares are thus far holding onto those gains, and Friday’s action was very tame.

Chart courtesy of stockcharts.com – Click chart to enlarge.

AGX – Continues pulling back, however, volume is well below average.

Did pull back rather slightly after breaking out on Wednesday, yet volume was below average. Ranks remain nearly as high as they can be as the stock is NOT extended from support.Chart courtesy of stockcharts.com – Click chart to enlarge.

ORBK – Rather sharp decline today -3.22% along with the broader market.

Volume is about average.

Shares continued to climb since breaking out on Wednesday. Friday’s gains of +2.3% were rather impressive with a +47% increase in volume as the market was relatively quiet.

Chart courtesy of stockcharts.com – Click chart to enlarge.

EXP – Modest declines this afternoon with an increase in volume.

This was an earnings breakout which gave us an entry the following day after reporting as shares continued higher with the required volume.

Thursday’s and Friday’s pullback remains a concern, and this stock needs to be watched closely this morning for any continued deterioration.

Chart courtesy of stockcharts.com – Click chart to enlarge.

MLM – Considerable declines today of -2.3%, yet volume is below average in afternoon trading.

Was a nice buyable gap open on Wednesday as shares traded above the TRIGGER PRICE with the required volume. On Thursday and Friday the stock posted some slight declines on lighter volume.

Chart courtesy of stockcharts.com – Click chart to enlarge.

FLEX – Holding on the solid gains made on Friday of +4.6% with a +317% increase in volume.

Was a pre-earnings breakout. Shares closed the week at new highs not seen since 2004.

The stock is extended from support, so any above average volume declines would be the first thing to watch out for.

Chart courtesy of stockcharts.com – Click chart to enlarge.

IR – Some slight declines today as volume is about average in afternoon trading.

The company is scheduled to report earnings this week. That will make this a tough hold before the numbers are released Wednesday before the open.

Chart courtesy of stockcharts.com – Click chart to enlarge.

ASGN – Dipped just slightly below support of the 50-day intraday today and then bounced and just turned positive.

Shares confirmed a BUY signal on Tuesday, then inched higher for the next several days until Friday when shares sold off -4% with a +73% increase in volume.

As noted this morning – A break considerably below the 50-day ($43.78), or a close below there would be a SELL signal.

Chart courtesy of stockcharts.com – Click chart to enlarge.

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.

LEARN MORE HERE

 

Any questions or concerns, please email me at james@jamestaulman.com.