December 2 Bullish Update and Stock Scan

Dec 2, 2014: 3:25 PM CST

Yesterday seems to be all the pullback bears get.

Buyers stepped back in as bears stepped out with another financially losing short-squeeze against them.

For the set-up and now the real-time resolution, be sure to see yesterday’s post for key target levels to “plan the pullback.”

Let’s update our mid-day information and highlight our trending stock candidates for today’s session.

It feels like the bearish side will never again win the supply/demand battle; they continue to push price higher with their collective stop-losses (buy-back to cover) when triggered at higher levels.

Nevertheless, we highlighted the 2,050 level as a possible inflection zone and that’s exactly what happened – despite all logic and evidence for a steeper pullback.

And now we await the close of today’s session to highlight the resistance into 2,070 as we set-up tomorrow’s strategies.

Sector Breadth is bullish across the board:

All sectors are trading above the 60% level while the session leaders – Financials, Health Care, and Utilities – all intersect the 90% bullish line.

This is indicative of across-the-board bullish money flow, whether from eager buyers or frustrated short-sellers (both groups are buying, after all).

We have potential bullish trend continuation plays in the following stocks:

Biogen (BIIB), JP Morgan Chase (JPM), Valero Energy (VLO), and Zimmer (ZMH).

Potential downtrending candidates exist in stocks showing relative weakness today:

Astrazeneca (AZN), AT&T (T), VM Ware (VMW), and Verizon (VZ).

It may go against everything you believe in to stay with this bullish trend, but doing anything else has dashed may trading accounts.

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Corey Rosenbloom, CMT
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