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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A growth stock and market timing expert, Michael Cintolo is editor of Cabot Market Letter and Cabot Top Ten Weekly.
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