IBD TV mentioned GMCR tonight. They said the stock continues to be caffeinated, the stock gapped down on better than expected earnings, but lower than expected revenue for the quarter, but investors soon changed their view higher along with the company’s increased guidance. It is a very bullish sign. It’s up 8% from the buy point of the cup shaped pattern. They also said that the stock doesn’t quite meet the criteria of being a railroad track pattern, which is a bearish pattern. The next thing to look for is for the stock to pullback and offer an alternate buy point assuming the stock advances some more.
OK, folks we have a few stocks setting up second stage bases. For you William O’Neal Investor Business Daily people, second stocks that surge out of second stage basis tend to be the most powerful. GMCR, NTES (Netease), and STEC all seem to be meet this criteria.
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