T2108 declines to 67%, still in neutral area. Only 12 of 44 stocks with good recent earnings that hit a new high on Wednesday closed above Tuesday’s price. Wednesday had a lot of stocks opening strong and selling off. Time will tell if this break brings in a significant decline.
Dr. Wish
Latest new high and good earnings scan identifies 12 IBD stocks
My new high and good earnings scan detected 12 stocks that have appeared in my IBD watch-lists. They appear below. LOPE broke out of a green line top this month. PODD and VIPS came up too and are not on my IBD list but are worth researching.
Break-down in Gold
Just wanted to show you how you can use the green lines to diagnose a failing stock. Check out this monthly chart of the gold ETF, GLD. Look at the series of multi-month bases that formed on the way up from 2005-2011.
Note the green line top since 8/2011 and the failure of the prior green line top to support the stock. Monthly charts can show a lot about a stock’s history and current strength. However, the weekly chart confirmed the Weinstein Stage 4 decline in February 2013 when the 30 week average (red line) turned down. The 30 week average stopped rising months earlier. I rarely hold a stock trading below its declining 30 week average.
