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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank
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To: Urlman who wrote (12421)8/1/1998 10:27:00 PM
From: Jenna  Read Replies (2) of 120523
 
e-mail.. I've been getting lots of e-mail about the current state of the market. Well I don't know when this 'correction' will finally be over. The McClellan Summation Index, Advance/Decline line, Volatility index and other general indexes seem to point to a general weakening of market and the sell off could continue although so many stocks have already reached bottom. By September these could be picked off one by one. Meanwhile in August just stick with "earnings plays" and you'll do better. The market is worse in that it seems to be undergoing lots of 'fakeouts' early morning gap-ups and then flat and negative for the rest of the session.

The best defense during this correction is to hold fundamentally superior stocks. Stocks that have 'beaten the street'. I still adhere to the strategy that earnings plays will outperform the market, especially now since most of the companies reporting are surely not 'OVERBOUGHT' any longer. In the past this state of being OVERBOUGHT (i.e. AVEI, HBOC, LEH, etc) has negatively impacted the price pattern of the stock the day earnings have come out. In most cases these stocks have been up very nicely for days and even weeks (PSQL, CCL, CSCO) on anticipation but then succumb to 'selling on the news'. With the state of the current market I see that genuinely good 'surprises' will move the stocks and the funds, that are currently awaiting earnings news in 'nail biting' frenzy, will pick up these street beaters. Note the movement on Friday of stocks like PZZA, PEGA, APCC, that have beaten the street.
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