Playing Hard to Get

The seemingly inevitable market pause at a confluence of obvious resistance on most of the major index charts continues to play out, though bears are making their case more forcefully today than yesterday. 

Still, if we wind up merely backing and filling sideways for a few more days before bulls reassert themselves it is most definitely worth the effort to identify those stocks which continue to exude unique relative and absolute strength today. 

ServiceNow, the cloud/enterprise software play, has not given back anything after its recent earnings explosion. On the NOW daily chart, below, the stock is green today.

When put into context of the overall chart and how much ground it has covered to the upside in recent weeks, the fact that the stock is green on a day like today in the market is the epitome of "playing hard to get," which means the stock is so strong that will not let patient potential longs into the name so easily, even in the face of a broad market sell-off. 

Going forward, our approach for Members will be to keep a running list updated of names like NOW, serving as new leadership for the market is bulls eventually prevail for a sustained uptrend.