A 5% correction | stockbee

6/10/2013

A 5% correction

Market had a 5% correction from  recent high on intraday basis. That resulted in aggressive pullback buying on Friday. If the market builds on the bounce then the move will continue.

During this brief correction, most momentum stocks held up well and many had orderly low volume p[pullback. Now they have started to breakout. Most stocks with momentum are not much dented by this correction, that is good sign.

Top 30 ranked stock by momentum


  1. las
  2. vrml
  3. vnda
  4. clvs
  5. yrcw
  6. clsn
  7. plus
  8. csiq
  9. tsla
  10. mnkd
  11. htch
  12. zlc
  13. aegr
  14. lpth
  15. clnt
  16. husa
  17. scty
  18. bldp
  19. sune
  20. dang
  21. insm
  22. mvis
  23. nsph
  24. hsol
  25. tmus
  26. immu
  27. tear
  28. ostk
  29. acrx
  30. tsro
OSTK is one good setup. It has gone sideways for a month in orderly manner. It also had series of recent earnings surprises. If it breaks out from here on high volume , it can make 20 to 30% move. 


If you look at the top ranked 30 stocks by longer term momentum of year plus then you will see lot more good setups in them. The stocks with longer term momentum did not correct much during this correction. Most went sideways.

Top 30 ranked stocks by one year momentum

  1. rvlt
  2. acad
  3. srpt
  4. mtg
  5. ecty
  6. cbk
  7. rsol
  8. clvs
  9. vips
  10. las
  11. aegr
  12. clwr
  13. spwr
  14. rdn
  15. sune
  16. htch
  17. pamt
  18. nsxt
  19. kerx
  20. himx
  21. evc
  22. jks
  23. tvl
  24. bont
  25. amri
  26. insm
  27. mnkd
  28. csiq
  29. gmcr
  30. ostk
In this list rvlt, mtg, spwr, rdn, htch, nxst, kerx, himx, evc, amri, gmcr, and ostk are some good setups to watch for possible breakout. 

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