It was a strange week on the leadership list with 5 gainers, one even, and 4 decliners, and what was strange was that the weaker stocks were among the gainer and the stronger stocks among the decliners.
CF had the biggest gain, most of it coming yesterday. This is still in the midst of a long base and will likely do more of this up-down action before it is ready to move out. The up-down swings have been pretty wide and if you catch them right you can make some pretty good gains with this, but it is going to be a while before this reclaims leadership status.
MELI was the second biggest gainer. This is now one of the stronger stocks, but it is bouncing around in a narrow trading range. The price relative line indicates this really isn't leading right now, it is following the market,
HITK was the biggest decliner. with the second big collapse in a month. This one is probably done as a leader. This looks like it has an appointment with the 200dma.
QCOR was the second biggest decliner. Last week it was sitting right above support and I was ready to be all over it, Fortunately on Monday is gapped up without me, and inexplicably collapsed two days later. This pattern looks an awful lot like a topping pattern, one reason I was taking extreme caution with it. This one is probably done as well.
