Thursday, February 10, 2011

Active Screen - CANSLIM: Top 8 for February 10th

Our current list of eight stocks was unchanged from last week. The eight in descending order by Market Cap are: Free McMoran (FCX), Netflix (NFLX), Apple (AAPL), Baidu (BIDU), Research in Motion (RIMM), Cognizant Technology Solutions (CTSH), Southwestern Energy (SWN), Intuitive Surgical (ISRG).

The Screener setup was as follows:

Free McMoran (FCX) is struggling below its 50-day MA. The stock closed the breakdown gap to $58 but was unable to make further gains. It subsequently drifted below its 50-day MA and is looking to mount a second challenge at $52.

Last week's breakout Netflix (NFLX) was able to build off the gap and post a new closing high. There should be good demand below $210.

It was the same story for Baidu (BIDU). The breakout handily cleared $115 and should be strong support. Yesterday's push above $120 offers an alternative place for stops.

Apple (AAPL) pushed above $345, was able to attract money from the sidelines, and drove on to $358. Tests of the 50-day MA (currently at $331) are likely to provide entry opportunities. Use an Alert to track when Apple approaches to within 3% of its 50-day MA.

Research in Motion (RIMM) is range bound between $58 support and $66 resistance. On Wednesday's close it split the difference at $63.57.

Cognizant Technology Solutions (CTSH) has been hemmed in by $76 resistance and has the fast approaching 50-day MA at $72.91 to look too for support. This should see a test either today or Friday.

Southwestern Energy (SWN) trading at its 50-day MA after a recent 'Golden Cross' is struggling to hold above $39. Yesterday's sharp loss left it just above its 200-day MA at $37.00 but it looks like it wants to mount a challenge of $35.

Intutitive Surgical (ISRG) has spent the past few weeks trading in a very narrow range of $321-$338. The fact it has done so off a $25 gap is quite impressive. Look for money to come in from the sidelines on a break of $340 and you can use an Alert to inform you when this happens.

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