This is a busy week for economic data, the NAPM numbers released Monday and Wednesday are the most important.
The market internals strengthened Friday, but the screened stock ratio weakened a bit at 15.6 to 2.9 favoring buying. Risk moves back to moderate. Selling at this point should be confined to the definition of profit taking, so this should be an opportunity to enter long positions. I have read a lot of market advisors turning bearish, we'll wait until the market tells us.
Strong groups; biotechs, gaming, HMO's, computer software, health insurance, medical equipment, semiconductors and select retail.
Longs to watch: AJG, GDT, GIS, HLYW, JNJ, MHK, MRCY, PEP, THC and VIP.
Good Trading!!
Sam
savvy-trader.com |
