In an important first step towards building a more sustainable rally than we have seen in the past the number of stocks trading above their 200-day MAs rose for both the Nasdaq and S&P. With these new near term highs in place it will be important for this figure to stabilize above new support (former resistance) if buyers are going to accept a more stable market. The Nasdaq is more important than the S&P in this regard.


Other sentiment indicators point to an intermediate timeframe top - so the new downleg is only in its early phase.

567 Nasdaq Stocks currently trade above their 200-day MA.
366 Nasdaq Stocks trade above their 200-day MA and have a price greater than $1
196 Nasdaq Stocks met the aforementioned conditions and had a 60-day MA of Volume above 100,000 shares a day
4 Nasdaq Stocks met the aforementioned conditions and made a new 90-day high. These were

Dollar Tree (DLTR)
DTS Inc (DTSI)
J2 Global Communications Inc (JCOM)
Optimer Pharmaceuticals (OPTR)

Dr. Declan Fallon, Senior Market Technician, Zignals.com the free stock alerts, stock charts, watchlist, multi-currency portfolio manager and strategy builder website. Forex data available too.

In this week’s screen, we’re going to focus on searching for bottomed-out stocks that have recently hit or are trading near their 52-week lows. The last week or so has been pretty brutal (in fact this whole year has been setting records on the downside so far), but the markets won’t go down forever. And in this ...

Interactive Brokers Group?s (IBKR) second quarter diluted earnings of $0.44 per share (down 33.3% sequentially, but up 57.1% compared to the prior-year quarter) were six cents short of our estimate. The results were impacted mainly by the 32.6% sequential decline in market making segment?s net revenues (due to subdued market volatility), while the brokerage segment?s net revenues were down 3.0% compared to the prior quarter. The company continued to maintain a highly liquid balance sheet with low leverage, and a strong capital position. After reviewing the results, we are moderating our EPS estimates and six-month target price for IBKR, while maintaining our Hold recommendation on the shares. IBKR is currently trading at 13.4 times the consensus estimate for FY08, a 4% premium to 12.9 times for the peer group median. On a[More...]

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Audit Integrity has identified Univeristy of Phoenix owner Apollo Group, Inc. ( NASDAQ: APOL), footwear manufacturer Crocs, Inc., ( NASDAQ: CROX), digital theater company DTS Inc. ( NASDAQ: DTSI), physician services provider Pediatrix Medical Group, Inc. ( NYSE: PDX), and digital media company Sigma Designs, Inc., ( NASDAQ: SIGM), as firms with “serious questions regarding management’s integrity vis-a-vis their shareholders.” All [...]