We got our bounce, enough to move the markets internals back to mixed, siding more on the negative. The screened stock ratio was much more bullish moving up to 7.5 to 4.7 favoring buying, this moves the risk back down to moderate.
I'm still a little worried that we haven't see the end of this selling wave, but looking over our intermediate term list I saw a lot of stocks bouncing on support zones. A few of those stocks made the top of the stock screening, (ACF, DFXI, DHI, LNCR, MTG and NYCB). Speaking of support, I'll again be watching for support in XOMA today.
Our weekly newsletter for intermediate term trades, Savvy Trader Growth Stock Journal, will be coming out in the next few weeks. In the meantime, we are keeping a data history on the 20 stocks the newsletter tracks. These 20 stocks are ones that remain in an up-trend and get repeatedly screened as they cycle between support and resistance. The fundamental primus of the newsletter is that one can buy and sell, using buy and sell stops, without being tied to a computer screen all day.
Biotechs, healthcare and specialty retailers were the strong groups again. I think about 18 out of the 20 watchlist stocks are stocks we have had the last few weeks. A tribute to just how fast they can recover.
Long: AOT, BKS, CBRL, CERN, CVD, DGX, DHI, MTG and MTON.
Good Trading!!
Sam
savvy-trader.com |
