The market internals were mixed on Monday, which was an improvement over last Friday. The screened stock ratio reflected slower volume with both sides of the ratio declining at 6.6 to 1.5 favoring buying. Risk remains moderate. However, it is worth mentioning that even with the market selling off, the volume in the down-trending stocks was significantly weaker than the volume in the up-trending stocks, which is positive for tomorrow. Frankly, I liked how stocks traded today under the fear of another terrorist attack.
The strong groups include biotechs, gaming, computer software, medical equipment, restaurants and select retail. We'll also be keeping our eye on a few oil stocks.
Longs to watch: ACS, BSX, EDS, GTK, MEDI, MSCC, MYL, NETA, PBG and ROST.
Good Trading!!
Sam
savvy-trader.com |
