The Daily Breakout: MCK
November 17, 2007 – 12:32 am
McKesson Corp. beat and raised on October 31st. Volume on the gap up was spectacular. For the last two weeks it has consolidated, and has been strong enough to never pierce the gap. This is a very bullish chart, and makes for an easy ”set it and forget it” type trade.
Although the stochastics are overbought, the strength of the intial move suggests it may stay overbought for some time, similar to March, April, and May.
RSI(2) is also close to overbought, but it too may stay overbought for some time.
Healthcare has been strong on a relative basis. MCK is setting up for a possible leadership position within the wholesale drug and services sector.
Woody, please explain how you use RSI 2.
November 17th, 2007 at 7:50 amcould be a decent play,cheers
Wood,was looking at a chart of CELG (daily-400 day) the fucker bounces off the 200ma like a super ball,its expensive as far as P/E and P.E.G,just wondering what you think if you get a chance.
November 17th, 2007 at 9:20 amJuice, I’ll try to get a post up on RSI(2) asap.
November 17th, 2007 at 7:13 pmPost break-out,MCK bounces off beautifully at 63.2 (62% Fibnocci retracement). I wonder if I should chase, given the current market!!
November 18th, 2007 at 9:42 pm[...] previous Daily Breakout, MCK, is consolidating its move very smoothly. It is stocks like these two that are steady making [...]
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February 25th, 2008 at 11:52 am