Not everything got slaughtered in last month's market meltdown. We found two names in the wreckage with strong long-term charts that were hardly scratched when Chicken Little visited Broad and Wall.
Coca-Cola Enterprises (CCE), one of the largest independent bottlers of Coke, shows leadership at the 2008-2009 bottom. In the chart above, we see that CCE bottomed in late 2008 and made a higher low in early 2009. Prices rose significantly the next six years and notice the steadily rising On-Balance-Volume line as increasing volume confirmed the bullish price trend.
The short-term picture of CCE in the above chart is also impressive. Note the upside gap and the explosive volume that broke CCE out of its $46-$42 trading range. Equally impressive is the shallow pullback prices have experienced the past month. A close above $54 will refresh the uptrend and should be a signal for traders to add to positions.
Expeditors International of Washington (EXPD), a global logistics company that offers services in air and ocean freight transportation and customs brokerage, is also worthy of attention.
EXPD has been trading higher since late 2012 as you can see in its chart above. The trend is interrupted by periodic corrections, but nevertheless we can see positive movement. The short-term picture below is more impressive.
EXPD made a gravity defying rally last month, gaining $6 a share amid an ugly tape. Prices only dipped slightly and then quickly recouped their losses. A close above $50 should hearten the bulls.
--By Bruce Kamich and Sebastian Silva