Market internals were still mixed Wednesday, and even weaker, but considering all stocks the market, internals remain positive. The screened stock ratio also remained positive with volume rising in both up trending as well as down trending stocks. This moved the numbers from 8.4 to 4.6 favoring buying to 10.4 to 7.6 favoring buying. Market risk moves back to moderate, I'm a little concerned regarding the falling dollar and we reduced some of our market exposure. Having said that, the watchlist continues to produce winning stocks and usually as long as the screened stock ratio is positive there are good positions to be had on the long side.
Energy related stocks was the fastest rising stock group, biotechs, banks, real estate, specialized retail, and healthcare remain strong.
Crude oil inventory came in at 305.8, like I mentioned in our market commentary for today, a drop below 307.8 would inspire interest in the oil stocks. Under the present data, with falling oil and gasoline inventories, it appears we have a rise in prices coming. Which should boost the stock prices as well.
Long: AFCI, APA, BRL, FHCC, ICBC, MYL, LIZ, PATH, SLVN and SPG.
Good Trading!!
Sam
savvy-trader.com |
