Perhaps This Uptrend is Legit?

  • Solid day for the indexes. This is the start of that confirmation I was looking for. It would be really cool to see a big volume up day tomorrow though.
  • I’m still trying to resist the urge to dive back in headfirst on the first thing I see. According to Investors.com, $TCBI broke out today. Also, this is the second day I circled $UMBF in the Stock Spotlight and it looks like a breakout too. I keep reminding myself that I absolutely should not buy anything at the very least until I look though Your Weekly Review tomorrow and the IBD 50 this weekend. I need to ignore these little breakouts and keep my eyes on the BIG STOCKS.
  • Speaking of BIG STOCKS, $PCLN didn’t have impressive volume today. On a weekly chart, it doesn’t look like this up week will be on greater volume than the previous two down weeks. I’m concerned that buyers weren’t diving into both $PCLN and $AAPL today. Same could be said for $GNC.
  • Seeing as we don’t know how long this new uptrend will last or how high it will climb, I intend to spend quite a bit of time analyzing both Your Weekly Review and the IBD 50 this weekend to build a new watch list for Monday morning.