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Quick glance at some of our stocks.

October 22, 2008
tags: , , , , ,

No major change in the market posture today.  The intermediate term line turned downard, which is not good.  The VIX barely went up today, despite the markets selling off, which is something of a divergent signal.

Just a glance at some of the stocks looking a bit more promising:

AFAM looks pretty interesting.  The three greens don’t work for a buy signal by our rules since the MA was moving sideways to down and we didn’t get a big volume spike.  Nevertheless, it looks pretty good on a long term glance.  Big bull flag pattern just breaking.  Not extraordinary volume, but pretty good today.

With a current P/E of 23.7 and an estimate of 33.5%, it has an attractively low PEG of .71.  The question, as always, is whether or not the expected earnings are realistic.  Are the estimates too high?  Who knows.  But their track record so far is surprisingly smooth.  Notice how nice and steady their earnings growth has been.

AMED -Shows relative strength today up over 2%.  It’s in an ugly chart and a pullback of some sort would probably be in order for a constructive move higher, but it’s worth noting that the stock is above all it’s major MAs and is creeping higher in the range for the last 6 months.  The higher it gets through and above the consolidation, it reduces the likely supply of sellers and selling pressure.

JOSB – Looks pretty interesting to watch as it potentially bounces on the 200 MA.

MYGN showed nice relative strength today on a big gain on high volume.

NDAQ had a very big volume day today.  Here’s the news:

“The Nasdaq Stock Market’s decision to suspend one of its own listing rules comes as an avalanche of shares tumble below the $1 threshold, and is intended to avoid the mass delistings that followed the burst of the dot-com bubble.

Last week, parent company Nasdaq OMX Group NDAQ filed a request with the U.S. Securities and Exchange Commission to temporarily suspend the minimum price requirement that protects listed companies from becoming penny stocks.

It said in the filing that “U.S. and world financial markets have faced almost unprecedented turmoil,” which has undercut the share prices of companies that would otherwise remain suitable for continued listing.

The SEC endorsed the suspension, which went into effect on Friday and will end Friday Jan. 16.”

The intraday chart shows heavy buying in the last ten minutes of the trading day.

SYNA isn’t the prettiest chart in the world, but it’s worth noting at least that it is coming up to test the 50 MA after fighting back from a head and shoulders break-down.  I see the failure of the head and shoulders pattern and that it is now back above its 200 MA as positive signs.  Earnings in a few days, so we’ll see what happens.

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