Breakouts for July 11th: The first pick, SIVB, featured as a breakout for April 14th. The stock followed this move with a 3-month sideways consolidation which ended Friday on modest volume as Sanders Morris Harris upgraded the stock to a "Buy" from a "Hold". Price action has nicely followed the 50-day MA as it runs to form of the April 13th ascending triple top breakout in the point-n-figure chart. Watch for break of $50 Monday for a move to the next potential psychological stumbling block of $60. The second pick, CCK, originally featured as a breakout for October 15th 2004, and again as a Gold Member play for December 1st. Friday's move is on the verge of breaking a declining 4-month resistance line, but did break the sequence of lower highs and lower lows which has marked the length of this consolidation. The break of resistance in the MACD trigger line and slow stochastics added bullish wait to the breakout even if recent volume could only be considered modest. The point-n-figure chart could end up forming a triangle, so we may see a move back to $15.00 before the stock follows through to the upside. Earnings are due on July 19th. The third pick, SONO, recently featured for Gold members for May 3rd when it was in the process of developing a base. This base completed Friday as it broke $33.60 resistance on light volume (and in the absence of company specific news, although earnings are due on July 28th). There is still a small amount of resistance at $34.98 to chew threw - but once this is removed it will trigger a breakout on the point-n-figure chart, leaving the stock at new 3 year highs as part of a rally begun in early 2003. I have drawn my price target as part of projected base target as the point-n-figure target ($14) is still that of an earlier (failed) breakdown. Although Friday's volume was light, the strong uptrend in on-balance-volume confirms accumulation and bullish control.

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"IBD" refers to Investors Business Daily

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