For those of you who might be looking to buy some of the more established names, the Russell 1000 has 62 stocks on established breakout buy signals, 32 of which were newly established on Thursday. The reason you might want to consider looking at stocks in the Russell 1000 is two-fold. One, for ideas. Two, this is an institutional buyers list, so you can guage the level of interest coming from the big money camp.
The following list of stocks are technical breakout buys based on Point & Figure analysis. You might want to cross reference these with a fundamental opinion and a fundamental score from The PPT before diving head first.
Behold, the list of 32:
CAL, VMC, RHI, NLG, CPN, COF, DPS, KO, HMA, HAR, UTR, HOG, TKR, CMCSA, IAC, APC, TSO, HP, OIS, JOE, ANN, KLAC, VSEA, ADBE, ORCL, SNPS, TRMB, KEX, UNP, UTIW, FII, and TROW.
Here are the other 30 that already have been on breakout buy signals:
FDX, PCP, AAP, AZO, KMX, USB, JEC, NVR, URS, STRA, MON, AXP, MA, AKAM, GOOG, PCLN, PFG, AG, CTCM, CMG, FCX, PXP, RIG, CGM, VMI, BNI, CNW, AMTD, BEN, ICE.
As you can see, there’s a pretty good cross-section of industry sectors here.
Also, there are 94 other stocks that have not made it to the “breakout buy” list, but are showing positive signs of strength.
I also looked at the Russell 1000 from a momentum perspective.
4.5% of the stocks in the index have shown a positive momentum shift on a 5 day basis, and 7.1% of the stocks on a 15 day basis.
10.3% of the stocks in the index have shown a positive momentum shift on a 6 week basis, and 10.0% on a 10 week basis.
And, 9.9% of the stocks in the index have positive momentum on a 4 month basis, and 10.0% on a 6 month basis.
This market does not appear to be overbought from an institutional perspective. There is still a healthy amount of caution out there. Just what the bulls need for this rally to continue.
