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The leaders are slowly gaining traction, but the lack of volume in some of the leaders raises some yellow flags. SNCR, ASPS, SXCI, NUS are almost flat. ASPS is struggling to take out $27.25. But, so far they are holding up pretty good and all we need is a good day of gains under heavy volume.
We opened a position in BCSI in the morning. This stock is acting pretty good after the breakout. The volume has been pretty decent too. This is a strong company with good revenue growth and it just turned profitable.
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The broader market is flat and slowly the new breakouts are showing up. We will have to see how they behave and how much they advance in the coming days. Right now, we are cautiously building our positions.
NUS broke out today and SXCI pulled back from the breakout last week. If you missed the breakout last week, that was a good place to open a small position. SNCR and ASPS are almost flat.
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The number of good breakouts are very less and the action in them is not very encouraging. That’s the reason why we went into cash yesterday by cleaning out our portfolio. That being said, we are flexible and will take what the market gives. Today we have a broad market rally and the leaders are quiet with some exceptions like SNCR. We alerted our members when SNCR broke out around $19.2 today morning. If you want to receive our free real time stock alerts, please send an email to support@breakoutpickr.com
ASPS also broke out from a 2 week consolidation around $27. Let’s see how these stocks behave. Right now, we are cautious, but willing to take what the market gives.
The leaders are not making much progress and are looking tired here. We are selling all the leaders right here and moving into cash. It does not mean that the market is going into correction. We are just cautious here as the action in the leaders in the last 3 days is not good. We made some nice gains in the last 2 weeks and we just want to protect the gains. We will get back when the coast looks clear. For now, we are closing down all the positions. Here are some of the gainers in the last rally for us.
uaua +30%
cagc +30%
apkt +25%
smci +16%
afsi +12%
As expected, the leaders are taking a breather and some of the leaders like NXTM, CHBT, CAGC, RICK pulled back to their 10 day moving averages. These are good setups for the traders who buy on pullbacks.
F, NXTM, CHBT and UAUA are chugging along nicely with a 3% gain today.
KLIC has been added to our watchlist for a break above $7.6. You can see more discussions about this stock on our community. Keep an eye on SFSF. If it breaks above $19.5, we will be buyers.