Daily Screen for Friday 9-7-07

It looks like we will finish with our first positive NH-NL ratio in six weeks. I will update the chart for Monday after the market spits out its final data today. Below are interesting stocks that moved higher yesterday and may be poised to make further gains based on pattern setups. Enjoy the weekend!

Highlight Stock (Making New Highs):

• JASO – 39.09, first covered on the blog in a post titled, Fresh IPO ideas, on June 13, 2007 at $24.55. Since then, the stock has made a 59% gain while in the midst of an eight week cup shaped pattern. New positions can be established near or slightly below the 50-d m.a. when pulling back on lighter volume. A detailed trade summary can be found here: Young Guns Taking Off

Interesting Stocks with Increasing Fund Sponsorship:

• CROX – 58.40, the stock seems to be hitting some resistance near $60 but that is quite normal in this area. Look for a pullback of 10%-20% with support above the 200-d m.a. If is holds the support, develop a strong risk-to-reward trade setup and pounce with a possible $60-$100 run in the future. I wrote about CROX in Catch a Rising Star and explained why I never owned the stock. Note that the stock has a gap-up from May that has never been filled!
• OBGI – 17.41, a young stock that was up 9.36% Thursday on volume 101% larger than the 50-d m.a. The recovery of the 50-d m.a. is positive but an ideal entry won’t be calculated until it can challenge all-time highs.
• CEG – 85.42, an interesting consolidation between the 50-d and 200-d moving averages. The P&F chart shows a buy with a move above $88 (also the 50-d m.a.).. Get an ideal risk to reward before taking a trade.
• GTLS – 28.51, building an eight week base after the nine month up-trend that returned more than 100% for investors. Support sits above $24 with a short term buy signal above $29. Look for a handle to form for longer term traders.

Interesting Stocks: Recent IPOs:

• VMW – 69.79, it’s the first time I am covering the stock as it is yet to build any recognizable base. However, the support and hype is still there so be ready to pounce on pullbacks and look for a ride towards the triple digit threshold ($100). An unusual $60-$100 run.
• LULU – 36.95, I am not sure if I trust it enough to buy but the chart is showing strength as the stock was up 6.06% today on the largest volume in three weeks. A move to new all-time highs is positive.
• MR – 37.90, highlighted last night as the stock was up 3.07% for a weekly gain of 6.79% and a new all-time high. The ideal entry has passed as explained yesterday.
• FCSX – 50.90, the stock was screened as a case study on June 4, 2007 at $47.96 and reached a peak of $64.45 but has since corrected below the 50-d m.a. It filled the gap from early June but recently gapped-up to end August (so keep an eye on this). It’s a buy if the gap fills on lighter volume.

Detailed descriptions of each screen can be found through this link:
Fundamental Screens and Scans

This is NOT a buy list, please buy and sell at your own risk!