Breakoutwatch Weekly Summary 09/10/16
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| New Features this Week
| Top Cup and Handle Chart Pattern Stocks
Major Indexes Performance
| Best Performing Index
Best Performing Industry
Most Improved Industry
Immediate Interest Rate Rise Unlikely though Markets Tumble
Our trend indicators for large cap stocks are now both negative while the NASDAQ Composite trend remains positive, at least for for now. The index closed below its 50 day average on Friday, and if the sell-off continues into Monday, then I expect the trend indicator for the NASDAQ will also soon turn down. Friday's debacle was ignited by Boston Fed President Eric Rosengren, who said that "a reasonable case can be made for continuing to pursue a gradual normalization of monetary policy". Meaning that an interest rate rise was desirable to extend the recovery of the economy. Cheap money has fueled the rise in the stock market for 8 years now, and markets fear an interest rate rise will bring an end to the bull market. It's unlikely that we will see a rise in September due to the proximity to the November election.
| No new features this week.
Breakouts this week mostly showed a negative return by Friday's close so caution is suggested at this time. While some breakouts will return positive results, they will be harder to pick. Only those showing strong volume (greater than 2 times average) when reaching their breakout price should be considered.
|Brkout Date||Symbol||Base||Squeeze||BrkoutOut Price||Brkout Day Close||RS Rank*||Last Close||Current % off BOP||Gain at Intraday High|
|*RS Rank on day before breakout.|
|SKY||12.29||47,386||Skyline Corporation||Manufactured Housing||99||11.66|
|ENBL||16.03||367,695||Enable Midstream Partners - LP||Oil & Gas Pipelines||96||15.50|
|TTMI||11.09||1,578,322||TTM Technologies - Inc.||Printed Circuit Boards||95||10.40|
|CRESY||18.00||215,768||Cresud S.A.C.I.F. y A.||Farm Products||94||17.17|
|CSAL||32.14||1,675,000||Communications Sales & Leasing,Inc.||REIT - Industrial||94||30.30|
|CEQP||22.14||369,771||Crestwood Equity Partners LP||Oil & Gas Pipelines||94||21.04|
|BELFB||23.55||55,143||Bel Fuse Inc.||Diversified Electronics||93||23.39|
|OFG||11.25||525,762||OFG Bancorp||Money Center Banks||93||10.57|
|These stocks meet our suggested screening factors
for our Cup and Handle Chart Pattern watchlist.
See Revised Rules for Trading Cup and Handle Breakouts
|Index||Value||Change Week||Change YTD||Trend1|
1The Market Trend is derived from our proprietary market model. The market model is described on the sitehere.
2The site also shows industry rankings based on fundamentals, combined technical and fundamentals, and on price alone. The site also shows daily industry movements.
|1 Week||13 Weeks||26 Weeks||Year-to-Date|
|1 Week||3 Weeks||13 Weeks||26 Weeks|
|Processing Systems & Products
|Charts of each industry rank and performance over 12 months are available on the site|
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