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主题：03/23/2009 Market View -- 宁子
家园 03/23/2009 Market View SUMMARY:
- A long awaited bank plan.
- Perhaps the pieces are all in place to operate the credit markets, but there seems to be one piece still missing.
- 7% gains all attributable to the bank plan or maybe a quarter end scramble to get market exposure given the rally.
- After hours SEC says it is to re-visit uptick rule
- Key resistance cleared as market tries to start the second leg higher off the low.
Was it THE plan or just A plan that sparked a renewed rally?
Treasury Secretary now has two big moves under his belt. Okay we are being nice, but we wanted a bit of symmetry and cut him a break as well given he finally unveiled his bank plan. The first was when he promised a bank plan and then basically just presented a position paper about what a great bailout plan should have in it. That sparked the lovely early to late February tank. Then he promised more again and failed to deliver, kicking off the early March dive. Again for kindness sake we are calling that one move.
Monday Geithner hit the wires early with the Plan. It actually had details, lots of them. It was the public/private collaboration as he indicated before and it created a new RTC-like body but was different at the same time. Two programs, one loan program and one securities program, are to operate side by side though on different instruments. The loan program is the one that got most of the press. It involves the FDIC to examine a group of assets that an institution wants to dump to see if they are eligible for the 6:1 leveraging program. Then the new entity will auction off the 'assets'. When that happens the Treasury and private buyer will put in the money with the feds putting 6 times the private entity. Then the FDIC guarantees it all.
The entire process requires the private participants to, well, participate. The question no one could really answer is whether the private sector will step up and do the buying and selling. Specifically, what incentive is there for a bank to sell at a price a hedge fund or other entity will be willing to buy and vice versa, what incentive is there for a hedge fund to buy at the price a bank has marked the assets to? In other words, the private parties still have to come together and strike a price agreeable to both, and that is the main stumbling block to this day, plan or no plan. It will take many weeks, even months, before we see if it is actually working.
Didn't bother the market Monday. It wanted a plan damn it and it finally got one. It was going to the dance with it whether it was a pretty plan or not and regardless if it ultimately leads to marriage or not. The news jolted the futures. Then China announced it may add more stimulus in Q2. It has to. It has to print some money to keep the yen lower to match the dollar's dive. It is worried about our spending so it is going to make sure its economy remains healthy and as a benefit its currency. It is not as tied to the dollar as in the past so it can remove any gains against the dollar by printing some of its own even if it has hundreds of billions of our dollars it can use.
Anyway, the futures surged but they still gave back half their gains before the bell and they were still up 26 points on the S&P's as the bell rang. Stocks gapped higher, paused for a half hour, then took off again to the upside as existing home sales showed a 5.1% gain. Didn't matter that 45% of the sales were foreclosures because half were first time buyers. The news was enough to give buyers a reason to move back in after that initial gap higher. A solid run to midmorning, a lateral move through mid-afternoon, then a surge and sprint to the close with all sectors running higher.
TECHNICAL. As noted, the intraday action was solid with the market never giving back any gains. Started strong, added to it, held the gains with a midday consolidation, ripped higher into the close. Nothing but positives on this day as the market resumed its upside move off the bear market low.
INTERNALS. Very solid breadth (7:1 NYSE, 5:1 NASDAQ) as all sectors posted stellar gains. Volume was significantly lower. Now given that Friday was quadruple expiration and you typically get a lot of volume, trade was not just a tad lower on NASDAQ. It fell to below average, showing less than it did Thursday or Friday when it sold back after that big Wednesday move ahead of and after (sort of after) the FOMC kitchen sink announcement. Not a lot of new buyers pushing on techs. NYSE trade was not bad, matching last week's levels and still well above average. That is livable. There was not unity in all of the market's guts, and while that is not necessarily anything bad it tells us to watch NASDAQ, a key leader off the lows, to see hot it performs and what buyers come back in as it moves higher.
CHARTS. Key moves by SP500 and NASDAQ as they pushed through 805 and 1510 respectively. Even DJ30 got in on the act, moving through its November low. SOX blasted higher and is ready for a post November high after a nice test that made a higher low. SOX, however, was just one of the pack with its 7.2% gain. It was not 100% certain all day: SP500 rallied up to 800 resistance, stalled, and even faded back similar to prior sessions. It regrouped in the last half of the afternoon, and actually followed NASDAQ higher as NASDAQ had already taken out its resistance and did not give it up. Even when they were lagging the techs were leading on Monday. The indices did what they needed to do, i.e. deliver a nice surge after a quick pause below resistance. As the indices broke higher a lot of leaders broke higher as well, moving to post-November highs. That kind of action looks as if more upside action is ahead beyond just Monday, but they will have to attract more volume.
LEADERSHIP. Financials continued their torrid run higher on more good news for the credit market. Oil continued its climb (53.89, +1.82) and that brought the energy stocks up as well. Chips did well once more though they were just runners in the pack on a day when all sectors rose. Techs were solid but definitely bringing up the rear with large techs outside of IBM and handful of others posting significant moves. Great runs for higher from newly formed patterns and others continue setting up, aided by the rally, the test, then the new surge. New stocks are starting to line up to join the move even as the early movers have tested and are surging higher again as well. Market is getting some good leadership other than the handful of chips, techs, and small business companies that led the initial move off the low.
家园 THE ECONOMY The bank plan may help, but there is still a piece of the puzzle missing.
Another day, another $1T from the federal government thrown at our financial woes. The Plan was much heralded and much maligned, one of the negatives mentioned above, i.e. that the banks and potential buyers still have to agree to a price, something that has not happened yet. The hope is the 6:1 leverage will persuade buyers to buy. The RTC back in the late 1980's and early 1990's had the authority to set prices where it wanted and that ultimately got the job finished. We will see if the feds have to go that route again. Banks take notice of history.
This is a key issue. The $1T and the 6:1 leverage definitely addresses the liquidity issue. If you WANT to sell to someone that WANTS to buy but could not do the deal because no money was available, this solves the problem. It does not solve the credit issue, however, the old 'what is this asset worth,' the entire crux of the credit problem. Again, that is up to whether the private parties get together and agree on a price. In theory it is a good idea, in practice this has been the problem, not the lack of funds to do deals.
Mark to Market takes on even more importance.
Now there is talk of altering the market to market rules, not suspending them. Many are saying that is not a real issue, just a side problem. Others say it is the heart of the issue. It was likely neither, but now it IS becoming the lynchpin given the way the government has set up its programs.
As outlined above, private entities have to agree to get the program to work. Banks are forced to mark assets to a fictional 'market' and they don't feel the assets are that worthless. On the other hand the buyers say that is what they are worth and want the next to zero price for them. The result: the banks won't sell, instead hoping the federal money gives them enough oxygen in the tank to ride out this crushing depression in their asset values. They are thus unwilling to sell at prices foisted upon them by these accounting rules.
What about mark to market? It was resurrected in the early 2000's after the corporate leadership and governance issues. When was it in use before? During the Great Depression. It was repealed as that economic nightmare dragged on and the US somehow managed to pull out of the GD and indeed weather each economic storm since without nearly the carnage to our banking system that the GD produced and what we are experiencing here.
Thus Mark to Market is a really bad idea and we are all anticipating some adjustment to allow banks to mark up otherwise good assets for long term investment that they were forced to write down to nothing on a short term basis. That is why banks are reluctant to sell and with word that M to M will be modified you can bet that they are not going to move forward on any 'private to private' sales until they see what rule changes there are. We still have two weeks before we get the suggestions from the accounting board back to Congress. Thus any Plan progress will be on hold for at least that length of time. The Fed knew all of this last week. As we noted over the weekend that is why the Fed issued such a massive program as it knew the Treasury plan would not get to the table fast enough.
家园 THE MARKET MARKET SENTIMENT
VIX: 43.23; -2.66
VXN: 42.01; -2.65
VXO: 42.86; -3.55
Put/Call Ratio (CBOE): 0.7; -0.19
Bulls versus Bears:
This is a reading of the number of bullish investment advisors versus bearish advisors. The reason you look at this is that it gives you an idea of how bullish investors are. If they are too bullish then everyone is in the market and it is heading for a top: if everyone wants to be in the market then all the money is in and there is no more new cash to drive it higher. On the other side of the spectrum if there are a lot of bears then there is a lot of cash on the sideline, and as the market rallies it drags that cash in as the bears give in. That cash provides the market the fuel to move higher. If bears are low it is the same as a lot of bulls: everyone is in and the market doesn't have the cash to drive it higher.
This is a historical milestone in the making. Bulls are impressively low considering we are in general a very optimistic country. The few bulls is a positive indication because it means most everyone that is getting out is out and there is money on the sidelines. In other words the ammunition boxes are full and as the market recovers investors will start opening up the boxes and firing. Little by little they will be forced to put more money into the market and there will be some rushes higher in fear they are missing the train. You relish times when sentiment is so negative because it means some tremendous buys are setting up. This could indeed be the opportunity of a lifetime, and you take advantage of it by buying quality stocks and letting them work for you as long as they will. If we can hold them for years, great.
Bulls: 28.4%. Nothing like a rally to bring around the bulls, but not a very big run from 26.4% last week and not even hitting the 29.7% from the week prior. Not a lot of confidence just yet and that is fine. Still well down from 43.0%, the current top of the recovery as the market rallied off the November low. A rise from 25.3% in December and quickly starting to fall once the market encountered the January selling. Bullishness bottomed on this leg lower at 21.3% in November 2008. This last leg down showed us the largest single week drop we have ever seen, falling from 33.7% to 25.3%. Hit 40.7% on the high during the rally off the July 2008 lows. 30.9% was the March low. In March the indicator did its job with the dive below 35% and the crossover with the bears. A move into the lower 40's is a decline of significance. A move to 35% is a bullish indicator. This is smashing that. For reference it bottomed in the summer 2006, the last major round of selling ahead of this 2007 top, near 36%, and 35% is considered bullish.
Bears: 44.3%. Bigger drop for the bears, falling from 47.2%. Very solid still, showing plenty of worry. 47.2% is the peak for the run this year but is still below the December and October peaks. Hit the 34's on the lows, falling from 38.5% and 46.2% in mid-December. Still above the 35% level considered bullish for stocks, but as with bulls, still well below the level considered bearish for stocks. Bearishness hit a 5 year high at 54.4% the last week of October. The move over 50 took bearish sentiment to its highest level since 1995. Extreme negative sentiment on this move. 35% is the level that historically indicates excessive pessimism. As with the bulls the jump in bears did its job after hitting 44.7% in the third week of March. Bearishness peaked at 37.4% in September 2007. It topped the June 2006 peak (36%) on that run. That June peak eclipsed the March 2006 high (33%) and well above the 2005 highs that spawned new rallies (30% in May 2005, 29.2% in October 2005). This is a huge turn, unlike any seen in recent history.
NASDAQ
Stats: +98.5 points (+6.76%) to close at 1555.77
Volume: 2.184B (-13.05%). Lower, below average volume on this move.
Up Volume: 2.101B (+1.738B)
Down Volume: 143.263M (-1.905B)
A/D and Hi/Lo: Advancers led 5.11 to 1
Previous Session: Decliners led 2.12 to 1
New Highs: 10 (+1)
New Lows: 13 (-24)
NASDAQ CHART: http://investmenthouse.com/ihmedia/NASDAQ.jpeg
Gapped higher off the 50 day EMA and surged through the next resistance from 1500 to 1515. It is now in the heart of the December to early February range from 1500 to interim highs at 1600, and then the January post-November peak at 1666. A potential big double bottom has formed from November through present, but first things first. NASDAQ is fighting its way off the lows and 1600 is next. A pretty good point to form a handle but we will have to see how it plays out given the decline in volume Monday as NASDAQ surged through that key initial resistance point.
SOX (+7.20%) broke over the February peak and is within a point of the January peak. Chips remain the overall backbone to the market, holding the best pattern and leading early on. Financials are necessary, but chips kept things glued together as financials sold off.
NASDAQ 100 CHART: http://investmenthouse.com/ihmedia/NASDAQ100.jpeg
SOX CHART: http://investmenthouse.com/ihmedia/SOX.jpeg
SP500/NYSE
Stats: +54.38 points (+7.08%) to close at 822.92
NYSE Volume: 1.917B (-22.28%). Lower volume on NYSE but still very respectable trade levels following expiration week.
Up Volume: 1.866B (+1.354B)
Down Volume: 46.994M (-1.9B)
A/D and Hi/Lo: Advancers led 7.67 to 1
Previous Session: Decliners led 2.86 to 1
New Highs: 14 (+10)
New Lows: 76 (+30)
SP500 CHART: http://investmenthouse.com/ihmedia/SP500.jpeg
After two tries SP500 broke through 805 and put some mileage on it, moving into the bottom quarter of the December to early February trading range. A two-day respite and it was back at it, now looking at next resistance at 850ish. One step at a time and it is taking those steps. Still has to turn the pattern around and wade through this next resistance so we take it a move at a time and a week at a time. Important break and now we see if it can work to turn former resistance into support.
SP600 (+8.04%) came off its higher low that tested the November low with a vengeance, moving through the 50 day EMA and up to the January lows on that solid NYSE volume. Good action with the test and rebound and we will ride the move as long as it continues to show the volume and new leadership it is finding.
DJ30
The Dow enjoyed some success of its own as its financial and tech components took off upside. It cleared the November closing low and the 50 day EMA on solid volume. Of course it is not even in the January consolidation level but a good strong break as DJ30 follows the other indices higher.
Stats: +497.48 points (+6.84%) to close at 7775.86
Volume: 515M shares Monday versus 672M shares Friday. Lower but still solid upside volume as the Dow shows good buying.
DJ30 CHART: http://www.investmenthouse.com/ihmedia/DJ30.jpeg
家园 TUESDAY After hours the SEC indicated that at its next meeting it would address the uptick rule with a review and an eye toward perhaps reinstating the requirement that short sales not take place but on an uptick in stock price. The idea is it would avoid the extensive bear runs that sent financials into the muck. That is debatable but it is something many are calling for. The next meeting? April 8. Once more we have to wait.
We also have to wait, though not as long, to see just how solid this move is. The Plan got the publicity for sending the market higher Monday, but there is another issue prompting some of this buying and that is quarter end window dressing. With the rally off the lows, the Fed action, and now the rally Monday, many of the funds are getting caught short when the market is rallying toward the end of March and the quarter. There is buying in these stocks so they will appear in the Q1 mailings. How long does it continue? As long as it takes the many shorts to get into some of these stocks. After that the market makes its next test. Not necessarily a bad thing but just part of the gears driving the move higher and one we need to be aware of when the market gets near the end of the month . . . and a new earnings season immediately following. Sounds like a recipe for a pullback but we will deal with that as it approaches.
Nearer term the market showed a strong move through next resistance, the next step in its move higher. Curious to see how it responds on the day after as a lot of shorts were covering again Monday after a 2-day pullback following the Fed's big announcement last Wednesday afternoon. The shorts were breathing a bit easier with a failure at resistance but then Monday they were gasping for breath again as stocks shot higher. We will see if the buyers back off again and the sellers try to come in, but if the funds believe that there is more life in this move they are going to continue to window dress some more and keep upward pressure on stocks.
As always when our positions surge we will look for opportunity to take some gain, and another big day or a couple of upside sessions will put a lot of stocks well into the money for us and allow us to bank some more on this second leg of the rally off the March low. We do view this as a second leg even with the volume issues on NASDAQ, given the market did take a pause before surging back up. Either way the market has moved well and as it continues we will take more gain.
We picked up some more shares Monday and as the market moves higher there are some others we can move into as well if they show us good solid moves. Lack of volume was a culprit for many on Monday despite good price surges. When the market explodes higher that is often the case. We will look at more upside positions as they present themselves but we will also watch the overall market after such a big surge. An early lull would be normal and allow for new buys, but you also want to be careful not to chase positions given the short rest and then the big surge.
Support and Resistance
NASDAQ: Closed at 1555.77
Resistance:
1569 is the late January 2009 peak
1598 is the February 2009 peak, the last peak NASDAQ made
1603 is the December peak
1620 from the early 2001 low
1644 from August 2003
1666 is the January 2009 peak
Support:
1542 is the early October 2008 low
1536 is the late November 2008 peak
1521 is the late 2002 peak following the bounce off the bear market low
1505 is the late October 2008 closing low.
1493 is the October 2008 low & late December 2008 consolidation low
The 50 day EMA at 1465
The 50 day SMA at 1464
1440 is the January 2009 closing low
The 18 day EMA at 1436
1434 is the January intraday low
1428 is the mid-November 2008 low
1398 is the early December 2008 low
1387 is the 2001 low
1316 is the November 2008 closing low
1295 is the November 2008 low
1271 from is the March 2003 low, 1253 intraday
1262 from July 2002
1192 is the July 2002 intraday low
1114 is the October 2002 low, the bear market low
S&P 500: Closed at 822.92
Resistance:
805 is the low on the January 2009 selloff. KEY Level
815 is the early December 2008 low
818 is the early November 2008 low
The 90 day SMA at 832
839 is the early October 2008 low
848 is the October 2008 closing low
853 is the July 2002 low
857 is the December consolidation low
866 is the second October 2008 low
878 is the late January 2009 peak
889 is an interim 2002 peak
896 is the late November 2008 peak
899 is the early October closing low
919 is the early December peak
944 is the January 2009 high
Support:
The 50 day SMA at 796
800 is the March 2003 post bottom low
768 is the 2002 bear market low
The 18 day EMA at 763
752 is the November 2008 closing low but it is not broken and done away with
741 is the November 2008 intraday low
722 is a December 1996 low
681 is the June 1996 intraday peak, 673-71 closing
665 from August 1996
656-654 from January, April 1996
607-05 from November 1995
Dow: Closed at 7775.86
Resistance:
7867 is the early February low
7882 is the early October 2008 intraday low. Key level to watch.
7909 is the early January low
7965 is the mid-November 2008 interim intraday low.
The 90 day SMA at 8058
8141 is the early December low
8175 is the October 2008 closing low. Key level to watch.
8197 was the second October 2008 low
8419 is the late December closing low in that consolidation
8451 is the early October closing low
8521 is an interim high in March 2003 after the March 2003 low
8626 from December 2002
8829 is the late November 2008 peak
8934 is the December closing high
8985 is the closing low in the mid-2003 consolidation
9088 is the January 2009 peak
Support:
7702 is the July 2002 low
7694 is the February intraday low
The 50 day EMA at 7614
7552 is the November closing low. KEY Level.
7524 is the March 2002 low to test the move off the October 2002 low
7449 is the November 2008 intraday low
7282 is the October 2002 closing low in the prior bear market.
The 18 day EMA at 7278
7197 is the intraday low from October 2002 bear market
7115 is the February 2009 closing low
7008 from February 1997 closing peak
6528 is the November 1996 peak
6489 from December 1996 closing peak
6356 is the April 1997 intraday low
Economic Calendar
These are consensus expectations. Our expectations will vary and are discussed in the 'Economy' section.
March 23 - Monday
February Existing Home Sales (10:00): 4.72M actual versus 4.45M expected, 4.49M prior
March 25 - Wednesday
February Durable Goods Orders (8:30): -2.4% expected, -5.2% prior
Durables, Ex-Transportation, February (8:30): -2.0% expected, -2.5% prior
New Home Sales, February (10:00): 300K expected, 309K prior
Crude Oil Inventories, 3/20 (10:30): +1.942M prior
March 26 - Thursday
03/21 Initial Jobless Claims (8:30): 650K expected, 647K prior
Q4 GDP - Final, Q4 (8:30): -6.6% expected, -6.2% prior
GDP Price Index, Q4 (8:30): 0.5% expected, 0.5% prior
March 27 - Friday
February Personal Income (8:30): -0.1% expected, 0.4% prior
Personal Spending, February (8:30): 0.3% expected, 0.6% prior
Michigan Sentiment - Rev, March (9:55): 56.0 expected
- 复 TUESDAY
家园 THE PLAYS: Upside:
Play Date: 03/23/2009
AKAM (Akami Technologies--$19.79; +1.66; optionable): Internet services (accelerating/improving delivery of content)
http://biz.yahoo.com/p/a/akam.html
After Hours: $19.65
EARNINGS: 02/04/2009
STATUS: Ascending base. AKAM showed some solid volume Monday with trade coming in just above average as it cracked through the 200 day SMA (19.67) and cleared the recent highs. Want to see AKAM continue higher through the 200 day and we will look to move into positions as it does. We will then see how it tests the move and on a successful test, complete the buy.
Volume: 5.828M Avg Volume: 5.101M
BUY POINT: $19.91 Volume=6.5M Target=$23.89 Stop=$18.52
POSITION: UMU DW - May $17.50c (76 delta) or UMU HD - Aug. $20c (51 delta) &/or Stock
http://www.investmenthouse.com/ci/akam.html
Play Date: 03/23/2009
CMG (Chipotle Mexican Grill--$63.83; +2.72; optionable): Fast food restaurants
http://biz.yahoo.com/p/c/cmg.html
After Hours: $63.83
EARNINGS: 02/11/2009
STATUS: Cup w/handle. After a solid break higher last Wednesday that moved CMB up to the early January high in its 12 week base, it faded back to test on low volume and then bounced modestly Monday. Wednesday it broke through the 200 day SMA (60.80) on that strong trade and this pullback tested that move, tapping it Monday on the low and then bouncing. Not a lot of trade Monday and it might take another day or two to finish the lateral move to form the handle, but CMG looks very good and if it continues higher on a solid volume bump we can move into positions.
Volume: 396.256K Avg Volume: 608.159K
BUY POINT: $64.02 Volume=750K Target=$74.95 Stop=$60.57
POSITION: CMG FL - June $60c (62 delta) &/or Stock
http://www.investmenthouse.com/ci/cmg.html
Play Date: 03/23/2009
ISIL (Intersil Holdings--$12.05; +0.70; optionable): Semiconductors
http://biz.yahoo.com/p/i/isil.html
After Hours: $12.05
EARNINGS: 01/28/2009
STATUS: Test breakout. ISIL broke higher mid-March, clearing the February peak in its uptrend channel. It has since worked laterally in a short ascending triangle over near support at the 10 day EMA (11.50), moving on lower, below average volume. Very nice lateral move that is setting up the next break higher, taking ISIL on a new trajectory toward the 200 day SMA (15.68). Want to see the volume kick back up as it makes the move. Nice set up.
Volume: 2.706M Avg Volume: 3.801M
BUY POINT: $12.41 Volume=5M Target=$14.95 Stop=$11.54
POSITION: UFH GB - July $10c (77 delta) &/or Stock
http://www.investmenthouse.com/ci/isil.html
Play Date: 03/23/2009
MBT (Mobile Telesys--$32.31; +2.98; optionable): Russian wireless
http://biz.yahoo.com/p/m/mbt.html
After Hours: $31.24
EARNINGS: 03/11/2009
STATUS: Cup w/handle. Sure enough MBT bounced off the 10 day EMA (29.05) test, gapping higher Monday. The trade was not great, however and MBT may come back and continue the test a bit more. If it continues on up with rising trade we can start some positions off this move; not going to turn away from a strong break higher. If it drags out laterally some that is fine as well, setting up a better point to rally from.
Volume: 1.967M Avg Volume: 2.325M
BUY POINT: $32.48 Volume=3M Target=$38.95 Stop=$30.21
POSITION: MBT FF - June $30c (62 delta) &/or Stock
http://www.investmenthouse.com/ci/mbt.html
Play Date: 03/23/2009
PCLN (Priceline.com--$82.11; +4.12; optionable): Online ticketing, hotels, auto rentals
http://biz.yahoo.com/p/p/pcln.html
After Hours: $82.11
EARNINGS: 02/18/2009
STATUS: Pennant. PCLN made us great money off the November low, set up again January to February, then gapped away on earnings. After that gap it ran to the 200 day SMA and then started this 3-week test, falling back to its November/February up trendline. Monday PCLN jumped off that test on a good jump in above average volume. It rallied up to the 200 day SMA (now at 81.92) and held there. PCLN looks ready to negotiate a price breakout here, following some surging money flow higher. When it cuts loose it runs like the wind so as it makes the break over the 200 day we will be ready to move in, and if it gives us a test after that we will look to move in again.
Volume: 1.747M Avg Volume: 1.501M
BUY POINT: $82.54 Volume=2M Target=$94.95 Stop=$78.87
POSITION: PUZ GP - July $80c (61 delta) &/or Stock
http://www.investmenthouse.com/ci/pcln.html
Play Date: 03/23/2009
SNDA (Shanda Interactive Ent.--$36.36; +2.43; optionable): Chinese internet services
http://biz.yahoo.com/p/s/snda.html
After Hours: $36.36
EARNINGS: 02/27/2009
STATUS: Test 18 day EMA. Another play that made us money, came back to test, and then shot higher Monday. Very strong volume as it gapped, tested, and then surged to close near the session high. Good action of near support, and this is the first test of its solid breakout, giving us a good point to move in for a new play. Looks ready to surge once more after this breakout test.
Volume: 1.718M Avg Volume: 843.475K
BUY POINT: $36.69 Volume=1M Target=$42.45 Stop=$34.12
POSITION: QKU FG - June $35c (62 delta) &/or Stock
http://www.investmenthouse.com/ci/snda.html