Let's see now, we have a holiday week (usually good for the longs), we've got a lot of people expecting really bad news (usually good for the longs). Earnings coming out were there is nothing good expected. So what if they say for example; "well we have a little more visibility?" (guess that means they can see the end of their nose?)(or maybe they even saw a customer), Or heaven forbid, someone actually beats expectations, (shouldn't be hard to do if you have already said you can't see the bottom of the bottomless pit). So where am I going with this you ask.......there is a chance that we might have a positive market in a negative earnings season....Look for positive reaction to what otherwise would be bad news and the market will follow.
So where are the guts, I mean is the market going to move without internals? Well so far the internals aren't showing much since they are mixed to negative, however they could be brought around by next week. The screened stock ratio was really mixed to confused at 3 to 2 favoring buying, but that buying isn't strong enough to carry a tune on whaling ship lost at sea.
After seeing all the insider selling in the oil patch, I hate to see so many oils come up on the screening. But, those that do have performed very well. Yet again, they are the strongest group. Otherwise, it was hard to get a real good mix of stocks for today. In addition to those below, we'll be looking for a bottom in ANF, FHCC and PLCE.
Long: ABK, AEP, BAX, DYN, HMA, HOV, IGEN, THQI, TTEK and XTO.
Good Trading!!
Sam
savvy-trader.com |
