We got a Oracle pop today, but it wasn't enough to pull the market internals out of the dumps. The screened stock ratio also remains negative at 6.0 to 9.6 favoring selling. Risk remains high, so "lite" mode is still the safest positioning.
Group strength adds insurance companies to the broad list of strong groups, including, biotechs, drugs, healthcare and REIT's, banks/S&Ls and retailers. This is a good sign for finding a bottom. But, there has been very nice long trades to be made every day regardless of the indices, as long as you avoid the telecom/technology groups.
Note that we have a position in FRX on today's watchlist.
Longs; AFL, AIG, BGP, CYTC, EFX, FRX, FHCC, FISV, LNCR and SBUX.
Good Trading!!
Sam
savvy-trader.com |
