It’s Just Like That

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The broader market is in bounce mode. How long it lasts is any fool’s guess. It’s just like that.

This is where Bulls want to see new leadership take shape.¬†We’re paying special attention to the Russell 2K small cap index as this leader down has also lead the reversal and now faces key technical resistance at the 1110 level. Decisive closes above this level would boast a strong vote for a key achievement for the Bull. But we won’t be surprised to see a failure at the level given the the higher risk associated with small caps and the heightened fear out there. The stock market is long due for a correction, and we just don’t assume we’re putting in a new Bull leg here. Wait for multiple signs of strength for tells. We’re just playing it as it is. The market tells us what to do.

Only a handful of Growth Stock survivors maintain bullish trends¬†against a field of mostly broken chart patterns and severe price deterioration. We’ve taken note of the following from our master list of top stocks. These are what interest us, for better or worse.

Stock Company Note
ALXN Alexion Pharmaceuticals base?
ADS Alliance Data Sys Corp bounce
LEN Lennar Corp Cl A breakout
WNR Western Refining Inc dbl btm
LCI Lannett Company Inc hs reversal
AKRX Akorn Inc pb
HAIN Hain Celestial Group pullback?
ESRT Empire State Rlt Tr Cl A reits next money flow?
PANW Palo Alto Networks RS
ARUN Aruba Networks Inc slaughtered
AFSI Amtrust Financial Svcs weak

We’re looking to get long on LEN, high risk setup alert.

Here’s the full run down for stocks possessing top ES and RS:

BASE = Breakout Potential (L/Lower), BO = Breakout, N = No Trend

Symbol Company Name
ADS Alliance Data Sys Corp N
AFSI Amtrust Financial Svcs BO
AKRX Akorn Inc N
ALXN Alexion Pharmaceuticals N
AMBA Ambarella Inc N
ARUN Aruba Networks Inc N
ATHM Autohome Inc Cl A Ads L BASE
AVGO Avago Technologies Ltd N
BIIB Biogen Idec Inc N
BITA Bitauto Hldgs Ltd Ads N
BXMT Blackstone Mortgage Trst N
CAVM Cavium Inc N
CMGE China Mobile GamesEntAds N
CRM Salesforce.Com Inc N
ESRT Empire State Rlt Tr Cl A N
EVHC Envision Healthcare Hldg N
GBX Greenbrier Companies Inc N
GRUB Grubhub Inc N
GTIV Gentiva Health Svcs Inc N
HAIN Hain Celestial Group N
JAZZ Jazz Pharmaceuticals Plc N
LCI Lannett Company Inc N
LEN Lennar Corp Cl A L BASE
LKQ L K Q Corp N
MOH Molina Healthcare Inc N
PACW Pacwest Bancorp N
PANW Palo Alto Networks N
PKG Packaging Cp Of America N
SCI Service Corp Intl N
SHPG Shire Plc Ads N
SKX Skechers U S A Inc Cl A N
SNCR Synchronoss Technologies N
SSYS Stratasys Ltd N
SWKS Skyworks Solutions Inc N
TAM Taminco Corporation N
THRM Gentherm Inc N
TQNT Triquint Semiconductor N
VEEV Veeva Systems Inc Cl A N
VIPS Vipshop Holdings Ltd Ads N
VRX Valeant Pharmaceuticals N
WNR Western Refining Inc N
YY YY Inc Ads N

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