Big Jobs Breakout Market Update and Stock Scan July 8

Jul 8, 2016: 3:49 PM CST

Jobs are expanding everywhere!

That’s the take-away from the stock market today to the better-than-expected June Jobs Report.

Let’s update our levels for the S&P 500 Index and note the big trending stocks today:

Once price gapped up away from the 2,100 pivot level, the buyers overpowered the short-sellers as sellers became buyers (to cover losses).

The short-squeeze impulse took price up in a powerful trend day all day long, closing near the all-time high.

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Let’s see what our Breadth Chart reveals about current market strength (or weakness):

All sectors and almost all stocks – 98% – were positive today.

This meant you could close your eyes and buy shares and have a great chance of profiting from the bullish money flow.

Here’s a top-level or full-perspective view of today’s S&P 500 stock performance (courtesy of FinViz.com).

Here are today’s strongest trending (intraday) names – candidates for pro-trend continuation:

United Rentals (URI), BHP Billiton (BBL), Fortinet (FTNT), and Franklin Resources (BEN)

Bearish downtrending candidates include the following stocks from our “weakness” scan:

NONE!

There were NO candidates to short sell today. There never are on Trend Days like this.  Don’t even try.

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Corey Rosenbloom, CMT
Afraid to Trade.com

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1 Comment

One Response to “Big Jobs Breakout Market Update and Stock Scan July 8”

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