Daily Screen: Monday, December 10, 2007
Below are several stocks that were worthy of making my daily screen after the close on Friday. I am typically looking to accumulate additional shares of these stocks or add a new position to my portfolio. The strongest stocks will go on to make case studies in future blog posts where I will detail what I see.
How I develop and use these Daily Screens:
Interesting Stock Making New Highs:
- GFA – 40.50, a spread triple top breakout on the P&F chart; the stock made a new high on the daily and weekly charts on above average volume (volume was 258% larger than the average on Friday). Screened last week at $37.00.
Stocks Moving Higher with Increasing Fund Sponsorship:
- FSLR – 235.47, I first started highlighting the stock back in September
FSLR – 100.42, the stock is consolidating after the super run from $20 to $119 over the past nine months. FSLR is related to LDK in this category
as it was consolidating near $100 per share. The stock had already tripled in 2007 but I was not intimidated because sometimes stocks are priced low even though they look high. A 134% gain in three months.
- CME – 707.00, the stock is up more than 40% since its low earlier this year and has made a new high (above $700) on questionable volume. The long term trend is still higher.
- MR – 40.95, a long time favorite of this blog in 2007; a recent 24% bounce above the 200-d m.a. as it looks to recover to new highs. It must make new highs to remain a leader.
- OMCL – 28.08, the stock has bounced from new high to higher low to new high. Example: $20.57 to $16.20 to $21.97 to $18.28 to $24.96 to $18.97 to $31.12 to $23.40 to ???. Another new high will be a positive sign for a continued trend.
- JASO – 63.58, an original buy on June 13, 2007 at $24.55; a 159% gain in six months as the stock continues to trend higher on strong volume.
*NOTE: Please do your own due diligence and buy at the proper risk/reward setups (AT YOUR OWN RISK). Don’t buy blindly and never treat this watchlist or my screens as a recommendation to buy or sell securities.
I don’t know whether you read Monster Stocks by John Boik, it essentially describes similar to your method and scan. Lot of the input to the book are based on inputs by Jim Roppel. Similar to your scan to find stocks near 200 MA and buy very early in a possible new trend, the book also advocates similar approach. It says not to exit till stock breaks 50 MA. Part of the book is good. You will find lot of useful things in it for your type of approach. While reading it I was constantly reminded of your approach and scans.
Chris,
The whole solar sector is having a nice ride. JASO, JRJC, FSLR are some stocks that you have always covered and I have been following for a long time now since you first mentioned them in your blog.
One small cap player in this sector is Canadian Solar, CSIQ. It started having some tremendous volume since last week and has risen about 17% in 5-6 days and continues to make new highs with double-triple the average volume.
What are your thoughts on CSIQ? Is it picking up some institutional investment over the last week?
Thanks,
Abhi
Chris,
Would you write a post regarding the “Risk/Reward Setup” that you have mentioned and provide any calculations which accompany this.
Thanks,
Jacap
Pradeep,
I will check it out as I own another book by Boik. I’ll let you know what I think when i finish reading it. You would enjoy the book by Justin Mamis: When to Sell. It’s excellent.
Abhi,
The stock looks strong and is bolting higher on strong volume. I missed it at this point but it is one to watch to form a support level or base opportunity to grab shares.
jacap,
I’ll put that down as a future request for a blog post. The risk/reward can be found with some detail in my position sizing and expectancy categories.
However, I’ll look to do a complete post int he near future.