Wednesday, March 13, 2013

Wednesday's Breakouts

Of 2,414 stocks and exchange-traded funds in this week's analytical universe, 55 broke beyond their 20-day price channels on Wednesday, nine of them to the downside.

Five had better than even odds of success to the upside, the direction of all of the surviving breakouts. None were disqualified for other reasons, such as looming earnings.

The survivors today were unusual in that all are quite liquid, with average volumes ranging from 704,000 to 4.7 million shares per day.

The five survivors, in descending volume order, are  CVS, STX, KSS, PPG and VAL.

The test for the five survivors is whether their beakouts will be confirmed by trading on Thursday beyond the price channel. I'll take a closer look at the issues that survive that test.

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