The Screened Stock Ratio understandably rebounded Wednesday, at -2.25 favoring selling, the estimate of market risk drops to moderate. Remain trading "lite" until the SSRatio goes positive, just incase yesterday is just a minor rebound off an oversold state. If not, there will be plenty of time to add long positions.
SII dropped off the short term list yesterday, screened back out for tomorrow, along with another two additions that replaced four that I cut since they rose to high off support. Others had good moves today but are still close to the top of their buy range as they only recovered some of what was lost the last couple days. Eleven potential breakouts screened for today: APOL, CMLS, COCO, DL, EMMS, ERTS, IGT, PDCO, SCHL, SYMC and ZMH. CNA and XL are breakdown shorts. Two stocks screened out as Category 3 shorts to watch: GIS and PETC.
Sam
savvy-trader.com |
