Thursday, May 27, 2010

7 Stars

Sorry for the cheeky title, but running through the list today, I noticed that seven stocks in the S&P 500 closed at 21 day highs today. Next I saw the same seven on the list of 65 day highs. And then they were on the 265 day high list.

I have never seen the same number of stocks on each of those lists on the same day before, let alone that number being seven.

DPS Dr. Pepper Snapple Group, Inc. NYSE Cons. Non-Cyclical Beverages (Non-Alcoholic) 37.780 38.340 37.570 38.170 3065627
MCK McKesson Corp. NYSE Healthcare Biotechnology & Drugs 68.960 70.080 68.620 70.070 2195367
NTAP Network Appliance, Inc. NASD Technology Computer Storage Devices 35.430 38.650 35.180 38.170 27567143
ORLY O'Reilly Automotive, Inc. NASD Services Retail (Specialty) 49.950 50.730 49.730 50.670 2002702
SNDK SanDisk Corp. NASD Technology Computer Storage Devices 44.890 46.880 44.560 46.850 15934709
TIE Titanium Metals Corp. NYSE Basic Materials Metal Mining 16.760 17.730 16.760 17.730 4848268
WPI Watson Pharmaceuticals NYSE Healthcare Biotechnology & Drugs 44.060 44.340 43.850 44.200 139273

If you add up all the daily closes for these seven issues together you get a chart that looks like this:



The combined point and figure price objective for the group is 383.5, about 25 percent above the basket's current rate of 305.

This is should be a good basket of leading shares to track as we assess the viability of the general rebound attempting to take shape.