This is something I used to try a few years back for mixed results. Tonight I did a quick scan of the IBD 100 for stocks that are up a lot but showing signs of weakness. The ones that jumped out at me with decent options liquidity are:
STAR, LFT, ESI, LINC, SXCI, ALGT, APOL, PZZA, AZO, DLTR, AAP, FDO, AIPC, MYGN
Many of those are stocks that have been counter trending and are in defensive sectors so its not surprising that they would show weakness as the broader market has rallied lately. Some of them have pretty nice failed breakouts, LFT and AIPC for example. There were other IBD 100 that looked more bullish like BWLD, ARO, V and MFE but I'm not looking for longs right now.
Sunday, April 05, 2009
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