VECO on the Move Friday, February 03, 2012 by Michael Paulenoff of MPTrader.com

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.

Recent articles from this author

• Natural Gas Transitioning from Bear to Bull? - Friday, May 18, 2012
• Cycle Bottom Due for Gold - Thursday, May 17, 2012
• S&P 500 Cycles Indicate Downtrend Incomplete - Wednesday, May 16, 2012
• Brent-NYMEX Oil Spread Widening - Tuesday, May 15, 2012
• Climbing Dollar's Potential Impact on Commodities - Monday, May 14, 2012

About the author

Michael Paulenoff is author of MPTrader.com , a real-time diary of his trading ideas and technical chart analysis on stocks & ETFs.  He has been involved in the world financial markets for three decades since his graduation from the Georgetown University School of Foreign Service in 1979. Early in his career he analyzed the fundamental and technical aspects of the financial and commodity futures markets for Smith Barney, Harris Upham, and for Drexel, Burnham, Lambert. From 1988 to 1993 he was President of MJ Capital Inc., a market analysis and trading firm, which advised clients involved in the financial futures and commodity markets. In 1992-93, he co-authored The Business-One Irwin Guide to the Futures Markets (with Stanley Kroll). 

Republic National Bank recruited Mike in January 1994, for the position of strategic trader, and market analyst on the bank's trading floor, which included analysis and trading of instruments in foreign exchange, emerging markets, stock indices, and precious metals. In February 1999, Mike founded MJP Market Strategies, Inc., a financial market advisory firm, and developed www.mjpstrategies.com in October 1999. In addition, from August 2000 through August 2001, he was the chief on-air market consultant and strategist for JAGfn, a live, daily 8-hour financial market webcast and cable TV show produced by Jagnotes, Inc.

Mike has been a contributing analyst to Harry Boxer's The Technical Trader since June 2002, and in February 2003 launched MPTrader.com. His articles and commentaries are widely distributed on sites such as MarketWatch.com, WSJ Online, Trading Markets, Optionetics, and Minyanville, where he is a contributing "professor."