Breakoutwatch Weekly Summary 06/04/22
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| Pessimistic Recession Comments
Undercut Positive Economy; Also see New Feature Despite the economy adding a further 390K jobs in May, and most of the Fed's districts reporting modest growth, the major indexes fell on Friday, led by the NASDAQ with a 2.5% loss leaving the index down 1% for the week. The good news was tempered by recession warnings from J.P Morgan CEO Jamie Dymond, who sees an "economic hurricane" coming, and Elon Musk who has a "super bad feeling" about the economy. The cup and handle pattern failed to produce significant breakouts this week leaving only the Volatility Squeeze pattern to produce just 2 breakouts gaining over 5%.  |
| Alaska Airlines
(ALK) Alaska Airlines brokeout above its average trading range on Friday on twice its average daily volume after reporting that higher revenues were offsetting fuel increases. "We continue to experience sustained strong demand for air travel throughout our network," the company said in a filing. Alaska continues "to expect to deliver double-digit pretax margin in the second quarter,"  |
| Average True Range Breakouts
added to Daily Alerts Page The Average True Range watchlist shows stocks that have moved above their average true range and are therefore already a "breakout". If they continue to move higher at the next session they now appear on the daily alerts page. |
|
Our latest strategy
suggestions are here.
|
| List | Breakouts | Avg. Gain |
|---|---|---|
| CWH | 8 | 0.06 |
| SQZ | 55 | 1.24 |
| HTF | 0 | |
| HSB | 0 | |
| DB | 0 |
| Brkout Date | Symbol | Base | Squeeze | Brkout Price | Brkout Day Close | RS Rank* | Last Close | Current % off BOP | Gain at Intraday High |
|---|---|---|---|---|---|---|---|---|---|
| 2022-05-31 | MXC | SQZ | y | 19.27 | 19.76 | 98 | 20.91 | 8.51% | 11.78% |
| 2022-06-01 | VRTV | SQZ | y | 145.36 | 148.03 | 95 | 154.73 | 6.45% | 9.67% |
| *RS Rank on day before breakout. | |||||||||
| Symbol | Company | Industry | RS Rank | Last Close | BoP | % off BoP |
|---|---|---|---|---|---|---|
| CRC | California Resources Corporation | Oil & Gas E&P | 91 | 45.65 | 45.88 | 99.5 |
| WLL | Whiting Petroleum Corporation | Oil & Gas E&P | 96 | 92.52 | 93.74 | 98.7 |
| ESEA | Euroseas Ltd. | Marine Shipping | 96 | 33.39 | 34.50 | 96.78 |
| NBN | Northeast Bank | Banks - Regional | 92 | 39.51 | 39.91 | 99 |
| RNGR | Ranger Energy Services, Inc. | Oil & Gas Equipment & Services | 92 | 10.75 | 10.98 | 97.91 |
| NWPX | Northwest Pipe Company | Metal Fabrication | 92 | 34.1 | 34.70 | 98.27 |
| CNX | CNX Resources Corporation | Oil & Gas E&P | 97 | 22.65 | 22.89 | 98.95 |
| RNDB | Randolph Bancorp, Inc. | Banks - Regional | 93 | 26.01 | 26.63 | 97.67 |
| *These stocks were selected using our CWH price breakout model. This model selects stocks likely to close above the breakout price at the next session. When backtested over the three years beginning January 2019 until October 28, 2021, 80% of the stocks selected closed above their breakout price. This does not mean that on any day, 80% of the stocks selected will breakout, but it is the expectation over an extended period of time. | ||||||
| Symbol | BO Price |
BO Vol. |
Company | Industry | RS Rank |
Last Close |
|---|---|---|---|---|---|---|
| OIS | 8.44 | 1,104,001 | Oil States International - Inc. | Oil & Gas Equipment & Services | 97 | 7.99 |
| VIST | 10.03 | 983,740 | Vista Energy S.A.B. de C. | Oil & Gas E&P | 97 | 8.97 |
| CTT | 12.39 | 597,063 | CatchMark Timber Trust - Inc. | REIT - Specialty | 96 | 11.62 |
| DNOW | 12.55 | 1,097,556 | NOW Inc. | Oil & Gas Equipment & Services | 95 | 11.49 |
| ARCO | 8.11 | 1,465,707 | Arcos Dorados Holdings Inc. | Restaurants | 94 | 7.71 |
| WTTR | 9.41 | 527,110 | Select Energy Services - Inc. | Oil & Gas Equipment & Services | 94 | 8.71 |
| GEL | 12.69 | 582,634 | Genesis Energy - L.P. | Oil & Gas Midstream | 92 | 12.41 |
| NPTN | 15.63 | 922,283 | NeoPhotonics Corporation | Semiconductors | 92 | 15.49 |
| RFP | 15.56 | 986,557 | Resolute Forest Products Inc. | Paper & Paper Products | 91 | 14.22 |
| KT | 15.25 | 1,381,972 | KT Corporation | Telecom Services | 90 | 14.87 |
| These stocks meet our suggested screening factors
for our Cup and Handle Chart Pattern watchlist. See Revised Rules for Trading Cup and Handle Breakouts |
||||||
| Index | Value | Change Week | Change YTD | Trend1 |
|---|---|---|---|---|
| Dow | 32899.7 |
-0.94% | -9.46% | Down |
| NASDAQ | 12012.7 |
-0.98% | -23.22% | Down |
| S&P 500 | 4108.54 |
-1.2% | -13.8% | Down |
|
1The Market Trend is derived from
our proprietary market model. The market model is described on
the site here.
2The site also shows industry rankings based on fundamentals, combined technical and fundamentals, and on price alone. The site also shows daily industry movements. |
||||
| 1 Week | 13 Weeks | 26 Weeks | Year-to-Date |
|---|---|---|---|
| Dow Jones |
Dow Jones -2.13 |
Dow Jones -4.86 |
Dow Jones -9.46 |
| 1 Week | 3 Weeks | 13 Weeks | 26 Weeks |
|---|---|---|---|
| Thermal Coal |
Thermal Coal |
Residential Construction |
Uranium |
| Aerospace & Defense 0 |
Aerospace & Defense 0 |
Aerospace & Defense 0 |
Aerospace & Defense 0 |
| Charts of each industry rank and performance over 12 months are available on the site | |||
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