The MarketSmith bluedot scan produced 19 candidates on Thursday, two of which follow herein. This scan looks for stocks near or close to a breakout, coupled with RS Line at a new high. In addtion, these stocks are exhibiting relative strength precisely while the broader markets are printing lower lows.
Blue Dot Scan – Cheniere Energy
Cheniere Energy, Inc. (LNG) is a liquefied natural gas company headquartered in Houston, Texas. In February 2016 it became the first US company to export liquefied natural gas.
RSI is rising, MACD is above its signal line and stochastic is rising, the latter suggesting closes in the upper half of the daily range.
In addition, analysts upgraded the company. Consensus estimates have revenue numbers rising, with a much more bullish view on the company’s prospects near-term. Watch for short-term ourperformance in the stock price.
Blue Dot Scan – US Concrete
U.S. Concrete, Inc. (USCR) is an American company specializing in ready-mixed concrete and aggregates, heavy construction aggregates and solutions. It was founded in 1999 and is headquartered in Euless, Texas.
The company sells ready-mixed concrete in several major markets in the United States, primarily in Texas, northern California, and the New York metro area.
We are looking for a breakout this week or early next week with volume rising. RS Line is rising to new highs.
These trades should be considered as short-term in nature, due to.recent market weakness.
Futures are oscillating between gains and losses this morning, as a result VIX is key, if volatility comes in dealers will start to buy back shares as their short puts lose value. This could start a rally.