Breakouts for Sep 8th: I am continuing with the theme of following earlier stock features which made significant resistance breaks. All three of the picks for Thursday are current Gold Member selections. The first pick, ELON, featured as a Gold member pick for July 21st. A "buy" in the MACD trigger line coincided with a breakout in on-balance-volume (although Wednesday's volume was light), and a return to overbought slow stochastics. The point-n-figure chart is neutral having met an earlier downward price target of $8.00. There was no company specific news for today's move. The company had filed its 10-Q on August 9th. Look for a move to $15 psychological whole number resistance. The second pick, ET, has been a solid play since it featured as a Gold Member pick for June 23rd. The stock is an area of no overhead resistance as part of a July 7th ascending triple top breakout on the point-n-figure chart with a price target of $23.50. The company had announced plans to offer $450m notes in a private placement. On-balance-volume has been the real strength here altough the bearish divergence in the MACD trigger line needs to be watched. The third pick is, MEDI, built on its earlier rise following its deal with Abbott laboratories. The stock was a Gold Member pick for April 22nd. Technically the stock is still a mixed bag. The MACD trigger line rose sharply on the breakout but closed Wednesday below resistance. On-balance-volume is below its 20-day MA trigger line as part of an earlier (pre-breakout) decline, while slow stochastics managed to break resistance and regain overbought levels. On the plus side, the move into the $30s marks an important 20-month resistance break (see weekly chart). The point-n-figure chart still shows an ascending triple top breakout from July 15th with an upside target of $41.00. A relatively low risk entry at Wednesday's close although its mixed technical picture may keep some buyers away.

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