Some Stocks Are Bucking The Trend
Once again, the major stock indexes are trading sharply lower. The declines are broad based as most stocks and sectors are declining. Traders should note that despite the lower stock market there are a few leading stocks that are trading higher this afternoon.
Lululemon Athletica Inc.(NASDAQ:LULU) is a leading designer, manufacture, and distribution of athletic apparel and accessories for women and men. This stock is one of the few stocks that are trading above yesterday's closing high. This represents short term relative strength for LULU stock. The stock is trading higher by $1.86 to $52.27 a share. Traders should watch for intra-day resistance around the $54.00 level should the stock rally. If the stock declines There should be good intra-day support around the $49.75 level.
Cree Inc.(NASDAQ:CREE) is a leading semiconductor stock that has really been beaten up since topping out in December 2010. At that time the stock traded as high as $72.85 a share. This afternoon the stock is trading higher by $5.54 to $35.03 a share. The stock looks to have fair amount of daily chart resistance around the $36.00 level, therefore, the upside could limited today. Should the stock market indexes rally it would be prudent to expect Cree stock to test that $36.00 level. Cree stock will have intra-day support around the $34.00 and 32.00 levels.
Sina Corp.(NASDAQ:SINA) is a leading Chinese internet play. This stock is trading higher by $5.46 to $98.28 a share. Traders should watch for intra-day resistance around the $101.00 level. Should the stock pullback or decline lower during the session the $94.90 should serve as intra-day support.
Trader and investors must remember that these markets are extremely volatile right now. This trading environment could be this way for an extended period of time.