The market internals are over-bought short-term, as is the screened stock ratio at 25.5 to 1.9 favoring buying. Risk remains LOW. However, we are over-bought short-term. This over-bought state may last a couple days before there is enough selling to bring stocks back to support. So, this may be the time to sell into the strength and wait for opportunities that show up during the day, or following days.
Strong groups; biotechs, gaming, HMO's, computer software, health insurance, semiconductors and select retail. The medical stocks have been losing strength, drug stocks as well, while restaurants and housing have rebounded.
Note that we hold a position in MHK.
Longs to watch: ARG, CECO, EDS, FDO, LE, MHK, MTON, QCOM, WLP and YUM.
Good Trading!!
Sam
savvy-trader.com |
