While the overall market waffles and appears a bit exhausted "up here," we continue to like Acme Packet (APKT). Both my near- and intermediate-term work argue that APKT ended a major bear phase at its Jan 4 low at 25.20 and that the upmove to Tuesday's high at 31.78 represents the first up-leg of a new bull-recovery period.

This recovery appears destined for 40.00 and then 45.00-47.00 thereafter. Initial near-term support resides at 29.40/0, which if violated will call for a deeper retracement of the January upmove.

 

Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com.