Trader Mike's Notes
Small caps are trying to participate in the bullish fun the larger caps have been having. This had an Expansion Breakout yesterday and made a new 52-week (and all-time) high today. You can also see broadening participation (better breadth) in the % of stocks above their 50 day moving averages.
No bullish signals fired for this but it looks to me like it's ready for another run at $400. (Full disclosure: I own this in my IRA but I'm planning on putting in a buy order for it in my trading account)
Another good looking Hot IPO Pullback. Depending on where the stop loss is placed this could give a 5-to-1 reward-to-risk ration if it can get back to the all-time high.
This obviously had a nasty break of its 50 DMA yesterday. But one could argue that its uptrend is still intact. As long as the August 19th low holds, it's still making a series of higher highs & higher lows. The same can't be said for the S&P 500, Dow and even the Wilshire 5000, which have all taken out their mid-August lows. The reaction to the Fed statement tomorrow could be make or break.
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