In a statistical oddity, the Screened Stock Ratio actually came in at a perfect zero, being a weighted average of 7 days of up trending vs down trending stocks (moving on above average volume), I had to do a double take. But, at 0.00 favoring a neutral position, the estimate of market risk drops to moderate.
There is little doubt the broader market will give back some of the gains from today. The Intel earnings news will force true colors out of the market, if it rebounds again we can have much more confidence in a continuing rally.
The entire short term stock list (AXL, BMS, BYD, MIK, NCEN and WCNX), with the exception of ISLE, rose way above their support and I removed them from the list. ISLE was the only stock that screened out. Breakouts should be safe(er) plays tomorrow: ALLY, AVY, CCE (note that CCE has earnings before the open), COH, MDP, N, PRG, POG and RKY. Two breakdown shorts screened out for tomorrow: ABX and LMT.
Sam
savvy-trader.com |
