Market internals remain mixed for the fourth day, and really don't show just how nasty things were with the indices last Friday. The screened stock ratio did turn down moving from 8.9 to 4.6 favoring buying, to 8.4 to 3.6 favoring selling and moves the market risk to high. It seems to me that the market tends to rally prior to the fed meetings, but the risk is high enough that it may be best to sit in "lite mode" to see how things work out after the fed news. I'm afraid that the market needs to see signs of recovery more than it needs another rate cut.
The strong groups remain same, biotechs, banks, real estate, specialized retail, and healthcare.
Note that we have a position in LH on today's watchlist.
Longs for Monday: AAS, BRL, BXP, CMX, CVD, FRX, K, LH, PCL and ZION.
Good Trading!!
Sam
savvy-trader.com |
