The market environment continues to improve, that doesn't mean we won't have sell-offs, but we have seen a continued improvement in the internals and it looks more and more like we have seen a firm bottom. The screened stock ratio still looks good going into Monday, at 8.6 to 1.5 favoring buying. Market risk should be relatively low.
Sunday's New York Times had an article that raises questions about the earnings reported by Computer Associates (CA), and possible accounting tricks to overstate revenue and earnings. During their April 16th conference the CEO said, "Our business just rocked." Tomorrow their stock may get rocked.
Again oil stocks dominated the screening, but I'm looking for continued strength in other areas as well, including some of the biotechs. It seems analysts have talked the biotechs down the last few weeks.
Long: AVX, CEPH, COHR, HCC, MCDT, MERQ, NVDA, SHPGY, URI and WMB.
Good trading!!
Sam
savvy-trader.com |
