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KORS is actually breaking down from the symmetrical triangle we observed last week, rendering it now a short setup with bounces staying under $93.
YELP has my interest on the long side this week, with last week’s pop being consolidated today. Look for another move towards $75.
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GDXJ is working through a sideways consolidation after its explosive action last week. I am looking at $39.71 on the 30-minute chart, first below, as ushering in another rally.
UNG, despite a shakeout early last week, is still setting up nicely on longer-term timeframes. A move up through $26.40 again would have my interest on the long side.
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RST WPRT are two badly beaten-down stocks spiking higher today with strong buy volume out of little bottoming daily chart patterns.
Thus, they are candidates for bottom-fishers. I suggest keeping stops in place below today’s lows.
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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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Several major airlines have seen terrific multi-year bull runs, but continue to be wildly extended on all longer-term timeframes. The same can be said of other major transports, such as large rails CP UNP.
And within airlines, many of them have similar daily charts to ALK, which we can see putting in a mini-bear flag below after some recent weakness.
I view these plays as prospective shorts, with stops above recent highs, including DAL HA UAL, among others.
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