May 20, 2010
Shares of AmerisourceBergen Corp (NYSE: ABC) continue to move high even while the stock market is in the midst of a correction.
Though AmerisourceBergen did suffer intra-day declines during the computer generated mini-crash two weeks ago, it regained all the lost ground in two days, while the rest of the stock market did not and many stocks are now closing in on those mini-crash lows.
Over the past five trading days, AmerisourceBergen reached $32.00 intra-day before pulling back to close slightly lower. $32.00 would be an all time closing high for this stock, and considering the health of the stock market at this time, quite an accomplishment for AmerisourceBergen.
Look for a close above $32.00 a share in coming days to signal a new move higher. If the new high is not reached soon, AmerisourceBergen should weather any upcoming market instability quite well with strong support at about $30.50 a share.
Disclosure: The Fibtimer.com (www.fibtimer.com) Stock Timing Strategy holds a position in AmerisourceBergen.