Weak Finish Amounted To A Damaging Distribution Day

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Weak Finish Amounted To A Damaging Distribution Day
Thursday, August 12, 2010 CANSLIM.net

Medicis Pharmaceutical Corp's (MRX -$0.36 or -1.35% to $26.40) was featured in the mid-day report today (read here) and noted for its strong quarterly and annual earnings history. Pulling back from its 52-week high after its 8/06/10 breakout from a sound base, the high-ranked Medical - Ethical Drugs firm had rebounded into positive territory after initially gapping down. However, its early resilience faded today and it closed below its pivot point as a loss on higher volume amounted to another distribution day and some technical damage. In a bullish market environment, healthy stocks do not slump more than -7% below their pivot point. Disciplined investors always limit losses by selling if any stock falls more than -7% from their purchase price.

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