Market Talk with Piranha is currently moving to its new home at chrisperruna.com. The new site is up and running but many of the posts need editing as the images and stock charts did not transfer successfully (thanks blogger). I will post all new entries to both blogs – Thank you for your patience while I make this change!

Thursday, January 26, 2006

Mini-Daily Screen

Due to the special screen exercise I initiated to all members last night, I didn’t have a chance to upload a more traditional daily screen. Below is a condensed version of the typical daily screen from yesterday.

Four of the top ten performing industries on Wednesday came from the Metals/Steel sector. Half of the stocks located in the metal distributors industry made gains that resulted in new 52-week highs. A quick glace at IBD would show you that this industry group is ranked fourth out of 197 total groups with a 20.3% gain in 2006 (by far one of the early leaders in the new year.

On the flip side, six of the worst performing industry groups were oil and gas related as crude oil closed down $1.21 to $65.85. As I mentioned over the weekend, crude oil prices have not been climbing due to supply worries; they have been climbing due to growing concerns in Iran and Nigeria. Of the five energy related stocks on the MSW Index, (GMXR) and (LUFK) fared the best. Geo Resources (GMXR) is now up over 83% since it was added to the MSW Index on September 27, 2005 (it is up over 180% since the first daily screens it started to make last July). Lufkin is up almost 20% since making the MSW Index in mid-December.

The NASDAQ and DOW both moved lower on higher volume but the losses were minimal so the distribution doesn’t weigh as heavily on the recent count. The count now stands at five distribution days for the S&P 500 and NASDAQ over the past month of action. The DOW is still within 40 points of the long term support and resistance line that dates back to early 2004. The NH-NL ratio finished at 453-52 (a solid sign of strength among the leaders).

Some Interesting Stocks from Wednesday:

  • LUFK – 63.60, bucking the trend as the stock brings its total gain to 19% on MSW
  • GMXR – 43.92, a total gain of 83% in four months
  • VIVO – 25.97, a big intraday reversal that has spilled over into a 5% loss today. Support sits at $23 with our Index entry at $24.16
  • NMHC – 30.40, building a 19-month base with new 52-week highs and an ascending triple top breakout on the P&F charts.
  • LCAV – 52.38, another new high for this former MSW stock from late 2004 and early 2005
  • NETL – 33.03, up yesterday and up another 5% today as the stock continues to rise without taking a breather. Keep those physical stops set and allow them to trail the growing profits. With today’s gain, the stock is up 47% since the initial coverage on 11/12/05 at $23.56 (not bad for two months).
  • CRDN – 54.55, topping $56 on Thursday, bringing the MSW Index gain to 48% since the initial coverage on 10/28/05
  • KNOT – 14.44, as you know, we cut the stock from the MSW Index when it fell below the 50-d m.a. but it has since reversed, gathered strength and moved to new highs. It will not be back on the Index but I thought it deserved some notice.

Piranha

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