Chartcraft Report for Wednesday, June 17th:
-Advisory Sentiment: Bulls: 42.1% Bears: 33.3%
Slightly more bearish sentiment this week while the bullish sentiment increased slightly as well. Corrections turn the corner when bulls move under 40% and bears move over 35%. Still a negative.
-Broad Industry Group Sum moved to -17.5 (lowest number I've seen in a while) which is reflective of 37 sectors moving down while none moved to the upside. Healthcare, Household Goods, Leisure, Telephone all moved to Bear Confirmed Status. Still only seven groups have reached oversold levels.....
-Current risks outweigh short term rewards....
-Long term indicators negative, short term reaching oversold levels....
-Watch the Retailing sector as it's been one of the strongest in the market but is showing signs of weakening. Bear Alert at 58% and showing more buying climaxes and HPT's...
Technical Formations:
High pole Top: Equitable Co's, Gap Stores, Dayton Hudson, TJX,
Bull Trap (Triple top breakout and reverses without going up one more box after the breakout): American Greetings
From the recent Investor's Intelligence newsletter:
"For the first time in a long time we are considering some Short sales"
Recent stocks turning positive by insider action:
Acclaim Ent., Bankers Trust, CalEnergy Co., US Trust
Bruce |
