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Filed under: Technical Analysis, Stocks to Buy

The struggle between the bulls and bears continued on Friday with what appeared to be a victory for the bears. And, long-term, they do have the edge since there is little doubt that every major index is still pointing south.

Friday's close at 8,001 on the Dow surely got the bulls' attention, as 8,000 appears to have some psychological importance to the investing public. But it has little technical significance.

On Tuesday August 26, before the market open, Corinthian Colleges Inc. (COCO) reported a Q4 loss (see conference call transcript) of $0.01 per share or $620,000 on $274 million in revenue vs. a loss of $0.10 per share or $8.756 million on $231.62 million in revenue a year ago. Excluding charges, COCO would have earned a profit of $0.11 per share. For the full fiscal 2008 year, COCO earned $0.25 per share or $21.3 million on $1.07 billion in revenue. Shares gapped down opening at $15.58 and sold off throughout the day to close at $13.09, down 19.3% on 11.16 million shares