Nov 19 Midday Market Update and Stock Scan List

Nov 19, 2014: 2:42 PM CST

Price action continued its bullish activity despite a morning retracement against the broader trend.

Note the support/reversal level into 2,040.

Let’s update our charts and highlight some strong trending stocks for potential candidates to trade:

The trendlines converged into the key 2,040 level and we saw another Bullish V-Spike Reversal event thrust price back toward the opening price.

We’ll focus our attention continually on the 2,050 and 2,040 levels along with the key V-Spike Reversal down (yesterday) against 2,056.

Sector Breadth is Mixed today:

The three leaders of the day have no discernible “Risk On or Risk Off” pattern.  Bullish Consumer Discretionary shows strength today along with Bearish Consumer Staples and Energy.

The weakest sectors of the day are the Bullish Technology and the Defensive Health Care sectors.

Don’t try to read too much into this mixed picture.

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

Macerich (MAC), Lowe’s (LOW), Petsmart (PETM), and Target (TGT).

Potential downtrending candidates exist in stocks showing relative weakness today:

Avon (AVP), Verizon (VZ), Netflix (NFLX), and Molson Coors (TAP).

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Corey Rosenbloom, CMT
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1 Comment

One Response to “Nov 19 Midday Market Update and Stock Scan List”

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