August 29 Holiday Update and Stock Scanning

Aug 29, 2014: 12:26 PM CST

While the 2,000 index level is critical to our trading decisions, buyers and sellers continue to battle for dominance at this obvious level.

Let’s update our daily scan, breadth performance, and plan for the reminder of the “holiday” session:

Sector Breadth is a bit mixed going into the holiday weekend:

Utilities (traditionally a defensive sector) top today’s sector performance, though Financials are strong as well (which is a bullish sign).

The rest of the sectors put in slightly bullish performance (60% of stocks in the sector are higher).

Still, this isn’t the picture of strong and dominant sector breadth we’d prefer to see at a new market high.

Potential bullish trend day continuation (buy retracements) stocks include the following:

Avago Technologies (AVG), Marathon Oiil (MRO), AGL Resources (GAS), and Electronic Arts (EA).

Bearish “intraday reversal” or downtrend continuity stocks include these candidates:

Schlumberger (SLB), Fluor (FLR), Michael Kors returns (KORS), United Tech (UTX)

Corey Rosenbloom, CMT
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Corey’s book The Complete Trading Course (Wiley Finance) is now available along with the newly released Profiting from the Life Cycle of a Stock Trend presentation (also from Wiley).

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