The market continues to show its resistance to earnings warnings, however, remember that most of the warnings are coming out of technology stocks, the overall market is diverse and the market cap of the technology sector as shrunk relative to other stocks.
The market internals were mixed with improvement in the NYSE and decline in the NASDAQ. The screened stock ratio (which includes stocks from all exchanges), weakened to 8 to 6 favoring selling. I'd remain in "lite" mode, at least in the technology sector.
Oil stocks continue as the strongest group, many look like they are breaking out from bases, but it may be time to take some profit and let them settle back.
Long: ACF, ARW, BRL, CMX, DE, DRI, GILTF, NSIT, SRM, VLO and WSM.
Good Trading!!
Sam
savvy-trader.com |
