With the market tilting toward the “Breakout” or “Melt-Up” outcome I highlighted in this morning’s post, let’s dig a little deeper to find which stocks are participating with the bullish money flow (or short-squeeze bearish stop-losses) and focus on the leading stocks (and avoid the laggards).
Let’s view the chart below and take it step-by-step (and pinpoint today’s Dow Jones leadership):
The scan above is created with Trade-Ideas, a service I highly, highly recommend for active intraday traders.
I’ll be posting more scans and ideas from them as I’m thrilled by the capabilities of the software and the myriad of options you can scan – all customized to your personal trading style and aggression level.
With all the numbers and colors above, let’s focus all of our attention on the Green and Red bars in the middle.
This is a formula in Trade-Ideas which shows the position in a stock’s daily range – that’s often a better visual marker than simple ranking by percentage up or down on the session.
Plus, we can sort all 30 Dow stocks by the percentage within their intraday range.
We’re most interested at stocks at the top of their range (and the bottom for relative weakness) which would mean Cisco (CSCO) and Travelers (TRV) along with Intel (INTC), and JP Morgan Chase (JPM) are showing strength today.
They’re currently trading at the highs of the day as indicated by being near the 100% level of their intraday range. Continue Reading…