Today was much different than yesterday, BDY, AGI, COF, FINL and THOR all alerted, but we'll have to see if there will be much out of any of the lot, I still like BDY, (formerly BPRX).
The SSRatio was unchanged after Tuesday, this is the second time we've seen this, still amazing that the numbers could go through the mathematical wash and arrive at the same number as the previous day. So, unchanged at +2.04 favoring buying, the estimate of market risk remains low. I'm concerned that without seeing more strength in the ratio, we are seeing a topping action. Also, take note that the volatility index (VIX) made a low on Monday, another indicator that we have seen a short term market top. We'll just have to see how this plays out over the next few days.
No potential turnaround stocks screened out for tomorrow, I noticed a few stocks that are close to support, like PRX, but otherwise, I'll be concentrating on a couple of the breakouts. I personally raised a lot of cash today, taking profits in CTSH, FWHT and WEBX, all stocks from previous turnaround screens.
Sam |
