Chile con Bottom Recipe

In addition to Brazilian utility play CPL, another South American long-term investment idea I have referenced is SQM.

On the updated weekly chart, note the potential major bottoming formation still playing out. A close over $33 is needed. But the pattern is giving bulls the recipe for a bottom into the fall.

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To update our ongoing look at the zoomed-out, 30-minute small cap ETF chart for the month of July, you can see that price has largely been going sideways in recent days.

I view the $115.20 level, just above, as the next hurdle for buyers to clear to make progress.

Holding over $114 is also still the downside level of interest.

If the small caps can stabilize, it is tough for shorts to make much progress overall in the tape.

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Courtesy of The PPT algorithm, here are the most current top five readings from my “12631 RELATIVE STRENGTH” custom-made screen, identifying which stocks are exuding some of the best performances to the market at-large at any given moment.

I look for stocks whose Daily PPT Hybrid Score surges, while the Weekly Hybrid has been negative over the past week. This can often yield stocks which are emerging from consolidations.

Members can click here to view and save the screen.

Sorted for at least 500,000 shares of daily average volume to ensure liquidity.

Please click on image to enlarge.

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Here is that updated WWE chart, with the potential to squeeze shorts over $13.

What are you trading this morning and early-afternoon?

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We have a grinding summer rally taking place, albeit on light volume.

I am finding some of the trashed names to be of interest. In addition to the stocks I have previously listed, WWE can squeeze over $13 , too.

NFLX is struggling, but GOOG continues to impress as al eager, as of course is CMG as well after their post-earnings surge.

Overall, the market’s summer state fair has some interesting treats. But I am still not looking at them as part of a healthy, consistent diet. Rather, they are for the short-term thrill.

In addition to the likes of FEYE TWTR, SPLK also falls into that group with similar harts of growth stocks beaten-down in the spring now trying make a higher low after pulling from their snapback rallies.

Note the potential bottoming formation here if recent lows can hold.

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