Stocks Still Struggling To Find Solid Footing
My Stock of the Day is Syneron Medical (ELOS).
The stock got a big boost on Aug. 6th after reporting a strong quarter. But it then faded back into its consolidation. Today, it is spiking higer again, and bucking the overwhelming weakness in the market.
The stock is up more than +5% on rising volume. It has run into some resistance at its overhead 50-day average, but the trend here looks positive. The more times it tests this resistance, the more likely it is that it will eventually be successful in piercing this level.
This company has strong fundamentals, and the stock remains very cheap on a valuation basis.
Other stocks that are making strong moves today on above-average volume include:
- FOSL, NVDA, FLR, CEL, ZNH, SILC, FARO, FSR, EXM, GTIV
The market is struggling to find its footing today, as the selloff continues. I am monitoring last week's lows as support levels to watch.