Nothing much has changed since yesterday, we still have a support level at 1240 which might get tested today, and at this point I believe that will set up a buying opportunity, although I am not too optimistic about upside potential here, but it may be enough to squeeze a small profit. There isn;t much in the way of news, but we do have a crude oil inventories report due today which might not affect the market, but should move crude oil. The leading sectors this morning are XLV and XLP, lagging are XLE and XLF. The Nasdaq and Russell 2000 are both lagging badly. Oil and gold are both down, treasury yields down and dropping.
I have 15 new highs so far, with breakouts in MIND and LNT. I was supposed to have a report from SFD, but they have not reported.I have nothing scheduled to report today.
This blog is focused on technical analysis of stocks and markets, putting heavy emphasis on chart analysis. My trading style is derived primarily from my mentor, William "Yoda" O'Neil, and the focus here is on leading and breakout stocks, but all forms of trading are covered to some extent. Economic and political news that effects the market are also topics here, and the blog may occasionally become a platform for my political and philosophical ranting. I keep several spreadsheets on Google docs which track various aspects of the market and readers are welcome to vies and comment on them.
Google Docs Spreadsheets
There are several spreadsheet that I maintain on Google docs to track various watchlists and trends in the market.
1. The earnings list - a group of small and micro cap, low float stocks that have exhibited recent rapid earnings growth. They are modeled along the lines of William O'Neil's CAN SLIM system, but limited to small cap, highly volatile stocks.
2. The relative strength list - a group of stocks which are near 52 week highs and have shown an increase in average daily volume. The list is limited to the top 200 stocks according to my methodology, which will be detailed on one of the pages of the spreadsheet.
It can be accessed here, and is also updates weekly.
3. Relative strength by industry - Uses industry data from Finviz.com to track the percentage of stocks within each industry that are in the top 25% of the 52 week price range, looking for trends.