I created a new scan in TC2000 that looks for stocks that have bounced up off of 3 daily indicators of support/over-sold within the past few days. The stock must also have closed at least 50% above its lowest price of the last 250 days and be currently above $15. There are also other criteria in this scan. This scan of 4,800 U.S. stocks this weekend yielded 8 candidates: SRPT, INDB, ONCE, PETS, BATRA, ALNY, WEN, NCLH. Of all, I like PETS best. It had a high volume GLB to an all-time high (ATH) in May and has finally rested/consolidated. It has also doubled the past year and had a recent EPS +37% and an IBD Composite rating = 96 and RS= 98.
This weekly chart also shows a powerful rising yellowband pattern with the stock repeatedly closing above its 10 week average (dotted line) which is well above its rising 30 week average (red line).
Unfortunately, PETS reports earnings on Monday morning. Should have run this scan Friday afternoon. What to do? Buy PETS a collar?!
ALNY, a bio-tech and a long time Judy favorite, also came up on this scan. But I have too many bio-techs already, and they are so volatile…If you would like to run this scan yourself and you have TC2000, I added it to my free club (Scan 07202017three…) which can be accessed at www.wishingwealthblog.com/club or at the link at the top of this blog…
I also manually looked at stocks that hit all-tme highs Friday or were close to a GLB. Here are some worthy of research:NRE,TBK,RGA,PODD,ELMD,EXPD,NDAQ,AAAP,ABBV,CSRA,AGO. When I noticed that NDAQ is on the list I looked at a weekly chart of CBOE. Note the strong rising yellowband pattern since its GLB in December. How did I miss this?
All of my GMI and GMI-2 indicators are positive. The earnings inspired rally has begun.