Top Stocks Hold Up Despite Sell-Off

Elyse Andrews, Cabot Headline News
November 20, 2009
 
Many of the market’s top stocks have found support near their 10-week moving averages, avoiding a breakdown, according to Investor’s Business Daily.

On average, the 70 stocks in IBD’s Your Weekly Review are less than 6% off of their 52-week highs. Despite selling in the broad market, many leading stocks are holding near previous week’s closing prices, IBD reported.

Baidu (BIDU), a Cabot Market Letter stock, has rebounded from a heavy sell-off at the end of October, although volume on the bounce has been lower, according to IBD. Intuitive Surgical (ISRG), a Cabot Top Ten Report stock, is up slightly this eek after last week’s 7% gain.

IBD also reported that Priceline.com (PCLN), another Cabot Top Ten Report stock, is forming a short-stroke pattern, where shares move little for the week, staying close to the highs of a prior big week. IBD characterized this movement as unusual, yet bullish.

 

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