The S&P 500 finally had a 1% move after nearly 60 days of trading. There was red almost everywhere you looked in the market. What do you do on days like today? Look for what did not go down. There were a bunch of stocks that reported earnings like PPG and Sherwin Williams in that camp. And those are good placers to look. But can you find others that did not fall and did not have support from a catalyst?
There is one from my weekend watch list that stayed green today, L.S. Starrett, $SCX. A small company from western Massachusetts that makes measuring and cutting tool. A very small cap that doesn’t trade much, it is avoided by the institutional crowd and analyst community. That recipe often makes it perfect for a technical trade. And there is one setting up.
The chart above shows the near perfect symmetrical triangle since mid April, against the 200 day SMA as the bottom side, with price peaking above it today. The 100 day SMA at 15.98 is the last barrier to a continued move higher. The RSI is making a new higher high as it rises and the MACD is rising, both supporting the bullish case. I bought some at 15.94 today for a possible run to 18.80
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