Nice Action....TRT,SYX,IAAC,ACOR and more
Thursday, October 5, 2006 at 06:00PM Ok, so the action today is more than just nice. What it feels like is that market finally gave us what it owed us for a couple of days, action in the small cap land. Still, indices finished up very nicely considering where we are at this point. We can definitely conclude that market is riding on a high note going into the earning season which starts next week officially. Now the DJIM stocks...
TRT, this one had a much better follow through than we expected. Not only it took out $11.50, but it closes near the $12 mark. We don't know if it's going to take out the high any time soon but we do know that $10 feels like a distant memory. Now that people have seen how far it can pullback, it is only logical to think that they'd be lined up to buy on any pullback now. Of course, we'd be in there doing the same thing. Idealy, we'd like to see TRT trade in the range(consolidate) for a little longer before pushing for the next level of higher prices. Looking good!
SYX, slow and steady! In terms of percentage, this stock moves nothing like those little biotechs. In terms of following the trend, this one is beating the little runners hands down. Alot of the action is definitely due to the strong indices and maybe some IBD rated buying. As long as the market is in a rosy mode, there's no reason not to own this one.
IAAC, it broke out today, on very good volume. Although it didn't close near the high, but it closed good enough to generate some more potential follow through in our opinion.
NGA, also broke out and it looks like it should be able to sustain its move for a little longer.
ACOR, save the best for last perhaps? lol This one definitely has the best momentum out of all of the stocks out there, whether you are comfortable with it or not. As noted in MC yesterday we hardly thought ACOR was done because of the private placement and today we acted on it as it was about to attempt the days high (also an area where it churned yesterday, see chart below). It turned out to be a good move, and actually it turned out to be a great move. We are not here to debate the legitimacy of the co. or its potential outcome of its drug so we are merely sticking to the trading action. DVAX also got a boost today b/c of positive study results and this thing may also get some carried over momentum. However, we still think that ACOR is by far the sexier of the two in terms of story and float.
RIMM- traded nicely after yesterdays big day closing near the highs of the day $110. A nice chart like many others here into fridays action.
..JUST CLICK THE HIGHLIGHTED GREEN TO ENTER MARKET CHAT...CHARTS UPDATED FOR FRIDAYS TRADING DAY.
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DJ DAILY DISCUSSION LOG
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