We chose TNO earlier than that: TNO up 15% on 1 point gap up
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SSA also up another 3.77%
The Trader Mar 11 1999 4:36PM CST Archives...
True North Communications (TNO)-- "Gapping Up" With Extraordinary Relative Volume
by Mark W. Draud
Sr. Investment Research Analyst
According to S&P MarketScope, TNO "operates a global advertising and communications business; and provides services to clients in promotion, public relations, public affairs, direct/database marketing, branding consultancy, graphic arts, sports marketing, directory advertising and healthcare and multicultural advertising." Its market capitalization is about $1.1 billion.
Let's look at the graph for TNO. The stock made its 52-week low of 19 on October 15. From there it made a choppy advance to the low 30s, followed by a plunge to the 22 area. TNO started moving up last Friday (March 5), and today it "gapped up" and broke above both its 50-day moving average and its 200-day moving average. It gained 3-5/8 (15%), closing at 28 (virtually the high of the day) on 833 thousand shares. Its high was 28-1/16. The volume was an impressive 248% of its normal trading volume of 335 thousand shares. As I've said many times before, you want to pay attention to the technical breakouts (gaps, above moving averages, above resistance, new highs, etc.) with good volume, because they usually lead to more upside price action. TNO is now up 18% in 2 days. As TNO continues to climb, there's possible resistance at the 31-32 and 34 (the all-time high) levels.
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