AWK, CHPD, STMP, WPRT Among Charts to Watch
Posted on September 30, 2011 at 08:00 AM EDT
Thursday the 29th is the date of The 1929 Stock Market Crash. There was no crash on Thursday, but the market sure came down midday. A late-day rally sent stocks higher to save the day, and the market closed up on the day. Since the longs and the shorts have been viewed the last few session, let's take a look at the stocks in Harry’s universe of stocks. Usually the stocks that acted the best do very well over the course of the next several months, depending, of course, on whether there is a bull market or not. American Water Works Company, Inc. (AWK) had a beautiful trend up until May of this year. It went sideways, rolled over sharply in August, but rebounded sharply, and had been in an up trend ever since. It went from 25 to 31 and made new highs while this market has been backing off. That’s a good sign for this stock. If it continues well it may get into the mid 30s. Cepheid (CPHD) has been in a beautiful up trend for nearly a year and a half and is still continuing upward. In fact, since the August lows it’s been moving up steadily and is not challenging the July high. This stock has gone from 13.75 in July 2010 to 40.98 in September of this year. On Thursday it was up 1.60 to 40.10, or 4%, on 766,000 shares traded. If it gets through the 41 area, it could see 45 - 48. Stamps.com Inc. (STMP) has been one of our stars over the last couple months. It had a breakaway gap and a pull back, exploded, formed a little wedge, and pulled back in an orderly fashion to the bottom of the channel and price support. It came up to see if it could hold around 19 3/4 -- certainly that’s key support -- and if it does move up, and make another leg up, it could very well get up into the high 20s. Westport Innovations Inc. (WPRT) broke out of a nice base, pulled back and retested, bounced again, but couldn’t quite get through, and then pulled back one more time. It may be forming some kind of wedge at this point. It looks pretty bullish at this point. If it holds, key support is up around 27 1/2-27 3/4. Other stocks in our Charts for the Day are Edac Technologies Corp. (EDAC), Endologix Inc. (ELGX), Genco Shipping & Trading Ltd. (GNK), Liquidity Services, Inc. (LQDT), Mitek Systems Inc. (MITK), Merge Healthcare Incorporated. (MRGE), Nuance Communications, Inc. (NUAN), TAAR Surgical Company (STAA), Susser Holdings Corporation (SUSS), Transcept Pharmaceuticals, Inc. (TSPT), Wright Medical Group Inc. (WMGI), Crosstex Energy Inc. (XTXI).
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