The market internals are still positive, in part, I think, because the volume has no conviction. The volume effects also shows up in the screened stock ratio, which did turn negative going from 4.8 to 3.1 favoring buying, to 5.0 to 2.0 favoring selling. So in this low volume environment, the volume has increased in the down trending stocks. So regardless of the market internals it is time to move back to "lite" mode for a day or so as risk moves up to high.
Banks, some specialized retail, and a few medicals were the strongest groups in the screening.
NVIDIA (NVDA) reports August 14th, it seems to be getting some pre-earnings buying in the stock.
Long: BKS, BVF, CERN, CTXS, DRTE, ESRX, FDO, HIB, NBTY and SYK.
Good Trading!!
Sam
savvy-trader.com |
