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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.

About : Kenneth J. Gruneisen - Passed the CAN SLIMĀ® Master's Exam
Kenneth J. Gruneisen started out as a licensed stockbroker in August 1987, a couple of months prior to the historic stock market crash that took the Dow Jones Industrial Average down -22.6% in a single day. He has published daily fact-based fundamental and technical analysis on high-ranked stocks online for two decades. Through FACTBASEDINVESTING.COM, Kenneth provides educational articles, news, market commentary, and other information regarding proven investment systems that work in good times and bad.


Comments contained in the body of this report are technical opinions only and are not necessarily those of Gruneisen Growth Corp. The material herein has been obtained from sources believed to be reliable and accurate, however, its accuracy and completeness cannot be guaranteed. Our firm, employees, and customers may effect transactions, including transactions contrary to any recommendation herein, or have positions in the securities mentioned herein or options with respect thereto. Any recommendation contained in this report may not be suitable for all investors and it is not to be deemed an offer or solicitation on our part with respect to the purchase or sale of any securities.
You can contact Kenneth J. Gruneisen - Passed the CAN SLIMĀ® Master's Exam at kengruneisen@gmail.com

 
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