Major averages rose on higher volume which was exaggerated due to options expiration. Thus the bounce so far is fairly anemic. Given meager signs of global economies truly improving, QE will remain the order of the day. So it remains to be seen whether quantitative easing can push the markets higher or whether markets will retest their recent lows in the days ahead. Positive action in leading stocks has been nearly non-existent so there remains little to buy until the dust settles.
One name that has caught our eye lately is the "cheap stock" fuel cell maket Plug Power (PLUG) which has been tracking tightly along its 10-week and 20-week moving averages. It has first mover advantage in this unique space so upside potential is significant. While the stock is under $10, we note that the weekly pattern is showing a three-weeks-tight formation and would be on the alert for a possible pocket pivot. Despite it's status as a small-cap name, PLUG has held in a tight sideways pattern during the entire market correction over the past several weeks. We currently have a position in the stock.
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