|Day Low/High||20.44 / 20.98|
|52 Wk Low/High||19.54 / 32.74|
These names are showing bearish technicals and received recent quant downgrades.
FANG names and precious metals are countering retail weakness, but sustained leadership is a challenge.
This is what we need to stop treading water and move this market to a tradable low.
You have to dig below the surface and develop a feel for what stocks are leading.
Look for the jobs report to get clues of an interest rate hike.
Biotechnology stocks can be risky but it's helpful to track them over time.
Moves on bank stocks bring back memories of 2008-09.
We are seeing lower lows in the indices as I write.
Although I don't view the index charts as that bullish, I do like some individual stocks.
The end of the quarter is approaching and might impact action in individual names.
I'm even staying away from the appealing stocks.
If the market is looking to correct, election worries are a convenient excuse.
Instead of celebration of good gains, there is grumbling about not keeping pace with the indices.
It's challenging to put cash to work but I'll keep digging.
Meanwhile, I continue to hold long-term favorites like Energy Recovery, TPI Composites and Aratana.
Buyers expect a dovish Fed and are still trying to put money to work.
Despite the unsettled market, there are still some interesting picks out there.
What good will a delayed rate hike be if it means we have a lousy economy?
The overall technical condition of the indices remains negative.
One of the toughest trades for a long time has been betting on downside follow-through.
Until there is a change in the character of this action, it pays to be bullish.
Delaying rate hikes isn't much comfort when worries about another recession start to pop up.
There should be some initial coverage there soon and I'll be looking to add.