After listening to all the Wall Streeters, I'm about convinced that we are at that point that we are oversold and due for some kind of bounce. It seemed there was a lot of folks throwing in the towel. But, the market internals and the screened stock ratio are now both negative, so caution is in order just in case there is a cliff at the end of this slope. The screened stock ratio is a negative 12.8 to 2.3 favoring selling, this moves the risk back to high. However, my feeling is that we are not at one of those times where we will see "lite" mode for weeks on end, like we did last fall or winter, but that we will soon form another bottom making a good buying opportunity. But, it is safest to let the health of the market dictate your exposure, so go "lite" until we see how this plays out.
Today was one of those days that almost all groups were sold, we'll be looking mostly in the biotech/health/medical stocks for a more dependable bounce.
On tomorrow's watchlist, IFF has earnings due July 27th, EXPE July 30th, FHCC July 30th and PER July 31st.
Long: APOG, APOL, BGP, CBRL, CPRT, ESRX, FHCC, IFF, SAH and SYK.
Good Trading!!
Sam
savvy-trader.com |
