Sep 3, 2010 9:02 AM PDT
While today's gain is obviously a boost for the bulls, let's keep it in perspective - not all of these winners will be up a week from now. For that matter, not everything is up today. Here's a look at two of today's best that have some longevity, and one of today's worst that could lose more ground before it's all said and done.
Yeah!: If it were just Energy Conversion Devices, Inc. (NASDAQ:ENER) that had been going so strong, I may skip this chat altogether. The whole electrical equipment group has been falling back into favor for a while though, and with the industry wind at its back, I can't overlook this small cap any longer.
The technical 'buy' for ENER came with today's cross back above the 50-day average line - a line that had been strong resistance in April, and was the ultimate cause of May's demise. Now that it's been hurdled though, I've got a feeling Energy Conversion Devices is going to see smooth sailing from here to the 200-day line at $8.28. 
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Oh yeah!: Like Energy Conversion Devices, small cap coal stocs Massey Energy Company (NYSE:MEE) gave us a technical buy signal via its cross back above the 50-day moving average line today. That's a positive (obviously), but far from the whole story.
In this afternoon's newsletter I specifically mentioned I was turning bullish on coal for a variety of reasons (all of them pointing to greater profitability). Massey Energy Company was the stock I had in mind at the time. The past isn't much to look at, but the forward-looking (2011) sub-7.0 is legitimate. I think MEE is going to surprise a lot of traders.
Uh-Oh: And finally, a not-so-bullish chart. In fact, Impax Laboratories, Inc. (NASDAQ:IPXL) went from bad to worse (fully bearish) thanks to today's dup under a key support line. Now that the floor's been broken, IPXL may not stop tumbling until the prior major low in the mid-$13 area is met again.
The line in the sand for this small cap had been $17.00 (blue), where we saw this chart rebound a few times over the last several weeks. Oh, we saw temporary moves well under that line in the meantime, but nothing permanent or even on an end-of-day basis. Today's move (and close) under $17.00 to as low as the $16.00 area is a decisive blow to Impax Laboratories shares though, and I don't think it's going to be able to get up off the mat this time. 
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