Today's Scan: January's Near 52 Week High On Heavy Volume and High RSI
January's Near 52 Week High On Heavy Volume and High RSI
In November I presented a scan of stocks that were near their 52 week high on heavier than average volume and a strong Relative Strength Index. The theory is that these are the companies that have their business firing on all cylinders and the stock is poised to go even higher. That list of five stocks saw three of them hit new 52 week highs, including Steelcase (NYSE: SCS) gaining 17%. Below are 5 stocks that are within 5% of their 52 week high. Furthermore, they are trading with at least two times their average daily volume and have a Relative Strength Index (RSI) over 70--both additional bullish indicators.
-PPG Industries (NYSE: PPG): PPG Industries, Inc. manufactures and supplies protective and decorative coatings. They reported strong earnings on January 14th.
-The Blackstone Group LP (NYSE: BX): The Blackstone Group L.P., together with its subsidiaries, provides alternative asset management and financial advisory services worldwide. There have been recent rumors of Blackstone acquiring Dell Computers (NSDQ:DELL).
-Taubman Centers (NYSE: TCO): Taubman Centers is a real estate investment trust (REIT) that owns and operates shopping malls and strip centers across the United States. They have recently expanded in Asia.
-JetBlue Airways (NSDQ:JBLU): JetBlue Airways Corporation provides passenger air transportation services in the United States. The company's airline traffic, measured in revenue passenger miles or RPMs, which implies revenue generated per mile per passenger, increased 6.1% year over year.
-Dynegy (NYSE: DYN): Dynegy Inc., through its subsidiaries, engages in the production and sale of electric energy, capacity, and ancillary services in the United States. Dynegy recently emerged from bankruptcy in October.