Breakouts for Aug 29th: The first pick, PRLS, had reported a quarterly profit compared to a loss a year ago. The news was good enough to complete a 9-day consolidation on heavier volume. Supporting the move in price was a breakout in on-balance-volume, but not as yet the MACD trigger line. The stock supports a relatively lowly Investors Business Daily ranking so this is a stock which is in the early stages of a bullish reversal even though price has moved substantially from its early 2005 levels. The point-n-figure chart shows a price target of $6.00 with resistance lurking at $8, the latter price is where I have placed my price target. The second pick, PCP, jumped on news of a private acquisition. The stock is fast approaching psychological $100 resistance and this may prove to be a stumbling block towards further price gains. A strong slow stochastic and breakout in on-balance-volume marks strong bullish strength with a consolidation in the MACD trigger line. The point-n-figure chart shows an ascending triple top breakout from Friday but no new price objective given the previous target of $92 has been exceeded. Although this supports a strong Investors Business Daily ranking I would consider this a momentum play over a long term investment. The third pick, SMBI, had earlier featured for April 7th but was whipped out on the relatively high intraday volatility which followed the breakout. The stock marked a new point-n-figure triple top breakout from July 29th with a price target of $36.00. It maintains its earlier strong Investors Business Daily ranking and is gaining wider analyst coverage. The stock has finally breached the bearish divergence in the MACD trigger line as on-balance-volume moved to new near term highs. Good long term prospects but whipsaw will continue to be a problem if we don't see further volume injections.

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"IBD" refers to Investors Business Daily

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