The market internals did not regain what was lost yesterday, nor did the screened stock ratio, at 8.9 to 3.4 favoring buying. So, a little caution is still warranted, but risk drops back to low as internals got stronger. I would like to see more correcting before we start back up.
Holes in the screening that were made by the biotechs weakening were filled by semiconductors. A word of warning, semiconductors are likely to be more influenced by tech earnings warnings, which there are certainly more coming down the line, than the non-tech related stocks. Please be careful, and don't put too many chips in one basket. Having said that, I found ACLS and UMC particularly interesting, both semi's.
Long: ACLS, AHAA, BBY, BORL, CPRT, CTV, MERQ, MIL, NOVT and UMC.
Good Trading!!
Sam
savvy-trader.com |
