Steckler's Star Studded Stock Picks

[DSteckler]

<< what do you think about MESA stalling short of Nov. highs? I was thinking it might set up better as a short than long. >>

The action didn't surprise me, Runner. V bottoms usually pull back before reaching the previous high and I was a bit surprised to see MESA climb as high as it did after putting in the V.

I think there's risk in shorting here. Yesterday's bounce higher off the 20-day EMA on better volume than the previous down days spells accumulation, not distribution. The 50DMA is also just below, at 10.67. RSI has dropped to 57.63 and was up a little yesterday, indicating MESA may be entering a new consolidation range.

The weekly Volume Flow Indictor turned bullish this week and the other technical indicators I watch are all positive (on the weekly chart) so I don't see any longer-term downward pressure developing yet.

[DSteckler]

GNT has very little volume and could leave one holding the bag. IMO
Better drug charts out their.

Could be but if you recall my post on GNT a couple of weeks ago, a friend of mine who is very knowledgable about biopharms said GNT is very cheap at twice its (then) current price (which was around 8 - 8.25). Their main drug under development and testing has received two grants from the FDA to speed approval and GNT is the sole manufacturer of this drug.

[DSteckler]

IVAC - gap open higher

Looking for a test of the double top. Although the 1/13 high was higher than the highs in August, the close that day was right on the 8/11 close.

[DSteckler]

IFN rising right triangle

IFN has a very low daily ADX (13.99) and the stochastic bottomed above 20, which shows the bias is to the upside.

A bearish divergence, however, in that the stochastic made a lower low than its 12/30 low even though price made a higher low.

[DSteckler]

BNI popping out of a falling flag

The daily stochastic reached oversold yesterday and BNI gapped open higher today, back above its 20-day EMA.

[DSteckler]

PTRY gaps open higher

On news.

Pantry Sees 1Q Profit More Than Doubling
AP

SANFORD, N.C. (AP) - Pantry Inc., the largest convenience store chain in the Southeast, said Thursday it expects to report a more than 50 percent jump in its first-quarter earnings and raised its expectations for the full year, citing good market conditions in the gasoline business.

Pantry said it expects to report quarterly earnings of $1.43 to $1.48 per share, more than double its earnings per share of 59 cents a year earlier.

The company, whose estimate includes expenses of 5 cents per share for a credit refinancing, said its gasoline operations benefited from "unusually favorable market conditions" that carried over from the previous quarter into October and November.

Pantry said it also saw solid gains in same-store sales, or sales at stores open at least one year, and gasoline gallons sold. Both measures were nearly 5 percent.

The company raised its guidance for the full fiscal year, which ends in September, to $2.95 to $3.05 per share, up from its prior estimate of $2.80 to $2.90 per share. The new forecast includes an expectation that gasoline margins will be more in line with historical levels going forward, with normal seasonal weakness in the second quarter.

Analysts have predicted a first-quarter profit for Pantry of 86 cents per share, and full-year earnings of $2.88 per share.

The company is slated to report its first-quarter results next Thursday.

[DSteckler]

RIMG huge breakout

Stochastic pop yesterday; has already almost done the ADV.

[DSteckler]

AVT nice recovery

Closing in on the pivot of a C&H, at 26.50.

[IIC]

The daily stochastic reached oversold yesterday and BNI gapped open higher toady, back above its 20-day EMA.

Very timely heads up Dave...too bad I didn't see your post until just now...Doug

[RL]

Dave whats your take on CY?

[DSteckler]

GOOG intraday

Take a look at a 30-minute chart of GOOG and plot either a 20-bar EMA or 17-bar SMA. Once GOOG fellow below the MA on the gap open lower yesterday, it made two attempts today to get back through and failed. I've daytraded it twice today; made a buck or two on one and lost it on the other.

I'm waiting for GOOG to get back above the MA before trying again (although that will probably happen while I'm out later today).

[DSteckler]

<< whats your take on CY? >>

A small island gap reversal is what you'll see on the daily chart, Ray. That's bullish. Here's a description:

http://www.incrediblecharts.com/technical/island_reversal.htm

It's not a classic reversal because the pattern did not appear during a downtrend.

However the chart pattern since early September is a loose and wide rising wedge pattern which, given the history of lower high since 2000, could be a precursor to another leg down.

[RL]

Thanks much Dave much appreciated

[DSteckler]

Glad to help, Ray.

[DSteckler]

IVAC up 11%

Hope you got some this morning. I love it when things work out the way they're supposed to! <g> Rising trend channel projected resistance around 16.60. Today's high is 16.42.