VECO on the Move
Mid-Day Minute for Fri February 3rd 2012
by Mike Paulenoff, www.MPTrader.com
by Mike Paulenoff, www.MPTrader.com
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On Wednesday we noted to subscribers that VECO Instruments (VECO) appeared to have completed a pullback when it hit its January 27 low of 23.75 and to watch for a sustained climb above its prior significant rally peaks at 26.57 and 26.40.
Since then the stock has popped its head above these peaks, which should trigger powerful upside acceleration to 28.00 and then to 30.50. All of the action since mid-November has the right look of an impressive bottom pattern in the aftermath of a completed multi-month bear phase off of last May 31's high at 57.67.
So, VECO is on the move, but be aware that Monday after the close it releases earnings.
