Saturday, November 28, 2009
Shakeout and a Bone-Head signal
The Nasdaq gapped down at the open on Friday, just to the 50-day exponential moving average. From there it spent the rest of the day going up, except it sold off a bit on the close. For now we're sticking with the Cup-and-Handle theory. The Nasdaq is currently forming a Handle, as detailed below, and Friday's action was a shakeout. As of the close, the accumulation / distribution reading is exactly 50%.
We ran a screen for All stocks, up >= 0.5, close >= 20, A/D <= 60%, RS rank >= 60, no sort, limit 20 results... and only one stock came up. The symbol is FAZ. It looks pretty good, putting out a so-called Bone Head signal. The fact that it did so on a day like Friday indicate there must be something really unusual going on.
We ran a screen for All stocks, up >= 0.5, close >= 20, A/D <= 60%, RS rank >= 60, no sort, limit 20 results... and only one stock came up. The symbol is FAZ. It looks pretty good, putting out a so-called Bone Head signal. The fact that it did so on a day like Friday indicate there must be something really unusual going on.
// posted by gigascanner @ 9:20 AM 
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