Tuesday's market was mixed to down for the internals, the techs continue to seek the meaning of life, the list of has-beens grows each day as they tumble into penny stock territory. The screened stock ratio produced the worse numbers we've seen this year, with volume far stronger in the stocks going down compared to the stocks going up at 12 to 2 favoring selling. We did get a bounce at the open, but much smaller than I was expecting. And the techs remain over-sold. At this point I'm thinking that the increase in down volume represents a climax. But, I would be cautious trading techs at least.
I had to make some space in the watchlist to round out the list with a few techs that have held-up okay. The stock screening was dominated by retail, personal care, oil and a few medical/biotechs.
Longs to watch: ACTU, AHP, AVP, ELN, FISV, KMB, KSS, LH, MNMD and WFT.
Good Trading!!
Sam
savvy-trader.com |
