It seems the market is ignoring the good news and moving down, the opposite of climbing a wall of worry.... so that would be falling through the gate of hope? The optimistic side of me likes to see this reaction in the market, as long as your sitting relatively safe you can prepare for the reverse and the multiple point gains that follow. But, as long as.....the market internals remain negative...... The screened stock ratio made a down side record last week, well it broke that now at 17.4 to 7.8 favoring selling. I'd begin to suspect capitulation err, uh, or is that copulation? Market risk remains high, which is "lite" mode territory.
Still little change in the strong groups, biotechs, medical equipment, healthcare, specialized retail and trucking remain. Restaurants have also been strong.....and beverages.....market driving folks to drink?
Longs to watch: BKS, COTT, K, MCK, MYL, NBTY, ORC, PRGX, STJ and THC.
Good trading!!
Sam
savvy-trader.com |
