March 17 Intraday Trading Stocks and Breadth Grid Update

Mar 17, 2014: 12:06 PM CST

As we trade through St. Patrick’s Day, which stocks top the list of intraday uptrenders or downtrenders, and what is the pulse of the market at the moment?

Let’s start with our intraday uptrending candidates:

On today’s bullish reversal higher session, we draw our attention to Fastenal (FAST), First Soloar (FSLR), Tyco International (TYC), and Roper Industries (ROP).

These are potential trading candidates for additional upside or “trend day” action (while aggressive traders can look to play any reversal that may develop).

Downtrending Candidates:

Even on up-days in the market, there are stocks that fight the broader trend, or will be attractive candidates to trade if the intraday trend of the broader market reverses.

Our “weak and downtrending” stocks include Ensco (ESV), National Oilwell (NOV), Chesapeake Energy (CHK), and Weyerhaeuser Co (WY).

It may be a little surprising, but the obvious “sector loser” or weakest sector during today’s uptrend is Energy:

We use Sector Grids to assess broader strength and weakness, not just in the indexes (note that all 30 Dow Jones stocks are currently up on the session) but in sectors within the market.

We continue to see the theme that Utilities lead the market (as I highlighted in Friday’s “Sector Strength in Sleeper Utilities” post), this time along with Industrials and Health Care (with Technology close behind).

Continue studying the Utilities Sector and leading stock candidates within this sector for “hidden opportunities” other traders may be missing.

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Corey Rosenbloom, CMT
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