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*** These days I post my charts/thoughts on under the same user name BreakoutTrader *** "Charts are worth a million words." - Ralph Acampora "Having learned what folly I was capable of, I closed that particular incident." - Reminiscences of a Stock... More
  • ISRG Intuitive Surgical: Parabolic Move Without Volume 0 comments
    Dec 29, 2011 10:27 PM | about stocks: ISRG

    Intuitive Surgical (NASDAQ:ISRG) is one of the best performing stocks for 2011.
    It is up 80% year-to-date as of 12/29.

    The following weekly chart shows it launched the latest up move the
    week of 8/15 and has been able to push through two resistance levels
    and made a new high today (12/29) at a close of 466.03. From the
    8/15 weekly close of $329.49 to today's close of $466.03, this is a
    parabolic move of 41% in four months. For the same period, the market
    as represented by S&P 500 is up only 12%.

    The chart also shows IRSG's strong relative strength breakout (the
    lower pane) since the week of 1/10 this year. It actually has been a
    strong stock since the beginning of the year and remained so even
    after the August market selloff.

    The last time ISRG made a large parabolic move was between the
    week of 7/6/09 and the week of 4/19/2010 (the white line on the left
    of the chart). That was an increase of 155% from 7/6/09 weekly
    close !

    Would history repeat itself for ISRG ? 

    One major difference between the 09 move and this year's move
    from 8/15 is the volume (the yellow on balance volume indicator).
    This time the volume is not there and is not as impressive as the
    09 move.

    If you are not already long ISRG, I believe the prudent thing to do is
    to pay close attention to the volume actions, especially when it is
    approaching its earnings release date 1/19/2012 (notice I did not
    confirm this date personally and therefore it may change).

    Disclosure: I hold ISRG bullish options positions and may initiate new
    bullish positions in the next 72 hours.

    Stocks: ISRG
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