It is nice to continue to have nice gainers on the watchlist, even though the market continues to drop, but enter these with caution as well by not taking large positions. It makes sense to expect an oversold bounce, but with tomorrow being Friday it is hard to imagine much buying before the weekend. Anyway, the markets internals are dreadful and the screened stock ratio got even worse on Thursday at 25.5 to 2.7 favoring selling. Market risk remains high.
Aerospace/defense, beverages, select communication and medical equipment remain strong groups. We are over weighted in utilities today as they were strong Thursday.
Long: ACS, AEM, AJG, FHCC, FLIR, FTO, NOC, PGN, and SZA.
Good Trading!!
Sam
savvy-trader.com |
