Today was one of the strongest turnarounds in the market internals I've seen in a long time. The NASDAQ internals are still negative, but the NYSE has gone positive. The screened stock ratio also switched to mildly positive at 10.8 to 7.1 favoring buying. Risk drops back to moderate. It is hard to tell at this point if this resilience is going to last, but it will surely be tested the next few days.
We will likely do some more aggressive buying compared to what we've done the last couple weeks. I'd remain cautious about holding a computer technology or telecom stock overnight.
The strong groups remain incredibly the same, biotechs, drugs, healthcare, insurance, REIT's, banks/S&Ls and retailers.
Long: ADBE, BMET, CHIR, CPRT, DGIN, DFXI, LTBG, MIKE, MXT and SCRI.
Good Trading!!
Sam
savvy-trader.com |
