As we had been expecting, Novartis (NVS) reported on Sunday that their cancer drug Gleevec is effective in gastrointestinal stromal tumors. In addition, the potential activity of Gleevec will be discussed this week in more than 20 presentations at the meeting of the American Society for Clinical Oncology for other forms of cancer. And there was more, NVS also presented data that demonstrated their Femara tablets to be significantly more effective than Tamoxifen for treating some cases of breast cancer.
Please note that we have positions in NVS.
The market internals were relatively flat Friday, on very low trading volume. The volume also reflected in the screened stock ratio as both the volume in the up-trending stocks and the down-trending stocks dropped, the ratio came in at 4.1 to 2.3 favoring buying. The edge still goes with the long positions, and the market risk remains moderate. Despite the strong retail sales, the weight of the evidence still suggests a 1/2 point cut in interest rates tomorrow, and often of late we see buying ahead of the FOMC meeting.
The medical field, including biotechs, dominated the stock screening. Another strong sector recently has been real estate and land. Usually I pass these by, but I placed one on the watchlist and I'll keep better track of the group.
Stocks we'll be looking for buy points on support include: AXE, FCX, FRX and OMI.
We also have a position in STJ, on the watchlist again today.
Longs: ABT, ANN, ASYT, BCR, DDR, DYN, FS, IRF, GLGC and SGR.
Good Trading!!
Sam
savvy-trader.com |
