The market internals weakened Wednesday. Both the market internals and the screened stock ratio, (6.0 to 3.3 favoring buying), are still positive but obviously weakening. Risk moves up to moderate, and for our own trading we will scale back adding more positions, unless we see a stronger market tomorrow. A minor market correction is both needed, and welcome, as they ultimately provide more sustainable trades in the future.
The watchlist is rather overloaded in biotechs/medical stocks, but the pickings were rather thin out of other stock groups. I would still attempt to keep a balance by adding positions outside of groups that you already have holdings in.
Note that we have a position in LTBG in today's watchlist.
Long: ACDO, AVX, BGC, CRA, ESIO, HMA, LTBG, MIL, QTRN and TGH.
Good Trading!!
Sam
savvy-trader.com |
