The market internals turned right back down Friday as did the screened stock ratio at 11 to 2 favoring selling. I might add that Thursday's pop still has an influence on trading Monday and we could very well turn right back up, I however, will remain cautious. We have not seen all the signs of a market bottom, and this up-coming earnings season could make for a volatile few weeks. But....
I have changed the emphasis of the watchlist, (still out of the same screening), to reflect more stocks in an up-trend and fewer potential day trades (stocks climbing off of bottoms on volume). This should provide more overnight holds, reduce trading and keep you poised for the next up-leg. I've also loaded more stocks with targeted support prices in our quote screen.
Still we have a pretty good mix in the stock screening, fewer technology, more healthcare and electric utilities. I didn't add any utilities to the watchlist, I figured I would let them ferment on the PG&E news another day. We own nothing on Monday's watchlist. FHCC (which we sold Friday), was back on the stock screening, I'm targeting just under 45, but it could break and run from here.
Long: ANF, AZN, BOH, EVG, FO, HCA, GENZ, SIAL, TX and TXT.
Good Trading!!
Sam
savvy-trader.com |
