The market internals were back to being mixed as it digested the gains from Tuesday. The screened stock ratio however, back down to 6 to 3 favoring selling. The interesting thing that showed up in the numbers was even though there was more advancing volume than declining volume, the screened stock ratio indicates that the up volume was moving into stocks that have been in a down trend, in other words bounces that may or may not hold.
One important sign of a market strength is the reaction to bad news. And, the last couple days have seen stocks moving up on bad news. Tomorrow looks to be much the same as today, as we have earnings momentum on the open, but remember we have already had 3 up days in the NASDAQ.
Because the volume was concentrated in bounces and the majority of stocks that did screen were in the lower end of their daily range by the close, it made for thin pickings Friday. Note that have a position in HSIC.
Longs: APCC, AYE, BLS, CGNX, COHR, DG, UNP, VSEA, VSH and TMK.
Good Trading!!
Sam
savvy-trader.com |
