AMZN, ARNA, BXC, ENPH, GOLD, MTH, PENN, W, POST, & SCCO
| AMZN Amazon.com Inc. ($3,278.54) - Internet - AMZN broke a quadruple top at 3264 with Tuesday’s market action, returning the stock to a buy signal. AMZN is a 4 for 5’er that has been trading in a positive trend since January 2015. Also, AMZN has maintained a long-term market RS buy signal since April 2007. Demand is in control, and the technical picture is positive. From here, initial support sits at 3104 while overhead resistance sits at 3328. |
| ARNA Arena Pharmaceuticals, Inc. ($66.47) - Biomedics/Genetics - ARNA returned to a buy signal with a double top breakout at $67. This stock is a perfect 5 for 5’er as all of its trending and relative strength characteristics are positive here. Additionally, ARNA ranks 37th out of 128 names in the biomedics/genetics sector RS matrix and has experienced four months of positive monthly momentum. From here, initial support sits at $63, while ARNA faces overhead resistance at $69. |
| BXC BlueLinx Holdings Inc. ($20.98) - Building - BXC broke a triple top at $21 on Wednesday, marking the stock’s fifth consecutive buy signal since April of this year. BXC is a perfect 5 for 5’er that moved back into a positive trend earlier this month. In addition, monthly momentum has been positive for two months, suggesting the potential for higher prices. Demand is in control; however, BXC is heavily overbought here. Initial support sits at $18.50, while BXC faces resistance at $22. |
| ENPH Enphase Energy Inc ($75.70) - Electronics - ENPH broke a triple top at $77 on Tuesday, marking the second consecutive buy signal on the chart as well as a new all-time high. This stock is a perfect 5 for 5’er within the favored electronics sector that ranks 5th out of 63 names in the sector RS matrix. Monthly momentum just flipped positive and ENPH is trading in an overall positive trend. From here, initial support sits at $73. |
| GOLD Barrick Gold Corporation ($30.12) - Precious Metals - GOLD broke a double top at $31 and is now trading at new multi-year highs. Tuesday’s breakout marks the fifth consecutive buy signal on the chart, confirming that demand is in control. GOLD is a 4 for 5’er that just experienced a flip to positive weekly momentum. Demand is in control. From here, initial support sits at $26. |
| MTH Meritage Homes Corporation ($103.90) - Building - MTH completed a bullish catapult pattern on Tuesday and marked a new all-time high with a move to $106. This stock is a perfect 5 for 5’er that is trading well above the bullish support line. Also, MTH ranks 4th out of 75 names in the building sector RS matrix, making this one of the stronger names in this favored sector. From here, initial support sits at $98. |
| PENN Penn National Gaming Inc ($55.62) - Gaming - PENN broke a double top at $55, marking the stock’s fifth consecutive buy signal since July, confirming that demand is firmly in control. Tuesday’s move also marked a new all-time high for this 5 for 5’er that ranks #1 in the favored gaming sector RS Matrix. Weekly momentum has been positive for three weeks. Demand is in control; however, PENN is nearing heavily overbought territory. From here, initial support sits at $51. |
| POST Post Holdings Inc ($86.70) - Food Beverages/Soap - POST broke a double bottom at $86, a move that also violated the stock’s bullish support line. As a result, POST is now a weak 2 for 5’er that is trading in a negative trend. Weekly momentum just flipped negative, suggesting the potential for lower prices. No new positions here. POST is testing support at current levels, with additional support offered between $84 - $85. |
| SCCO Southern Copper Corporation ($46.68) - Metals Non Ferrous - SCCO broke a double top at $47 and is now trading at new multi-year highs. Today’s breakout marks the fourth consecutive buy signal, confirming that demand is in control of this 5 for 5’er. From here, initial support sits at $43. Note SCCO provides a yield of 3.54%. |
| W Wayfair Inc. ($331.79) - Retailing - W broke a triple top at $324 before moving higher to $332 with today’s market action. This breakout marks the fourth consecutive buy signal for the stock and marks a new all-time high. W is a perfect 5 for 5’er that ranks #1 out of 82 names in the retailing sector RS matrix, making this one of the strongest names in this favored sector. From here, initial support sits at $308. Note that W is more than 100% overbought at current levels. |
