Market Getting Squishy

Today was the first really good day for bears in about a month.

As I mentioned recently, the Russell 2000 - which I've been following closely, pushed above its descending trendline a few sessions ago. I mentioned that if it moved upward and didn't get beneath the trendline again, the nature of the line would clearly have changed from resistance to support, and the bears among us would be in trouble.

What has in fact happened is the indexes all moved down hard today, and as you can see in the chart above, IWM (the ETF for the Russell 2000) is once again beneath the descending trendline. This is bound to be disappointing to the bulls, because after an entire month of "winding up for the pitch", the ball didn't go out of the stadium but simply plunked back down to earth.

Kyphon Breakout

A stock I have been following for a while - Kyphon (ticker KYPH) broke out of a saucer pattern in a big way today. This saucer has been shaping up for a while, but it got the push through that it needed due to a favorable patent ruling.

There are a number of things in favor of this stock moving higher: one, the breakout from a saucer pattern; two, it did so on enormous volume; and three, it reached a lifetime high. KYPH is definitely a stock worth watching!

Up with ADEX

Just a quick one today - although I usually comment on the market as a whole, it's become so boring (just HOW long can it stay within this range?!?!?) I'll turn my attention instead to a single stock: ADEX.

Long story short.........it's a long, not a short. This is a nice breakout stock on good solid volume. It's particularly encouraging that it's performing in an otherwise lame-o market.

(Follow-up on July 11th - ouch - this stock got creamed about a week after this post)