November 2 Bullish Breakout Daily Update and Stock Scan

Nov 2, 2015: 2:18 PM CST

How are you liking our Bull Market?  Like it, love it, hate it, or despise it, it continues without pause.

Let’s update our levels for the S&P 500 Index:

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We’ve been playing toward the official 2,100 target and here we are – straight up short-squeezed to the target.

TICK (internals) strengthened on the session as did our Sector Breadth Chart (seen below).

Make no mistake – a continued breakout above 2,100 sets in motion a repeat of the 2010 and 2011 “Repeat Pathway to New Highs” and those who have adapted to this new market reality have profited – while others are helping drive the market higher with their collective losses via buy-to-cover stopped-out short-sold positions.

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

All sectors are bullish today except for the Defensive (protective) groups of Utilities and Staples.

There’s not much difference in the strongest sectors of the day so look to trade the long side of these sectors.

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:

Nucor (NUE), Flir Systems (FLIR), Avis (CAR), and Clarcor (CLC)

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

Visa (V), Chipotle (CMG), Coca-Cola (KO), and Altria (MO)

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Corey Rosenbloom, CMT
Afraid to Trade.com

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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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