April 16 Bullish Sector Breadth and Trending Stocks

Apr 16, 2014: 1:10 PM CST

We finally have broad bullish sector breadth for today’s bullish bounce session.

Let’s take a look at S&P 500 Sector Breadth and the current trending stock candidates:

In the previous bullish bounce sessions, we’ve seen “caution” signs coming from sector strength in Utilities and Energy.

This time, we see broad bullish breadth where Industrials ($XLI) lead the pack along with Staples.

However, all sectors are showing dominance today except Health Care ($XLV) where 44% of stocks are up on today’s session.

The broad participation suggests likely additional upside price action (that’s the hope at least).

With that in mind, let’s scan for leading stocks that may continue in the trending session:

General Mills (GIS – a Consumer Staples stock), Eastman Chemical (EMN), Valero Energy (VLO), and PraxAir Inc (PX) provide potential trend day continuation candidates.

Today’s “trend fighting” downtrending stock candidates – for those who like to fight the tide – include CSX Corp (CSX), NetApp Inc (NTAP), TransOcean (RIG), and United Health Group (UNH – remember Health Care is the worst performing sector today).

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Corey Rosenbloom, CMT
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Tax Day Bearish Sector Breadth and Stock Scan

Apr 15, 2014: 12:52 PM CST

April 15th brings a lunar eclipse (blood moon) and “tax day.”

Putting those things behind us, let’s take a look at our intraday update for S&P 500 Sector Breadth and identify which stocks may provide trend day trading candidates in the event we see a similar session to yesterday’s trading day.

For yesterday’s update, I titled it “Bullish Sector Breadth with Caution” because sector strength revealed Utilities and Energy topping the otherwise bullish session.

The caution was correct, as we saw a mid-day reversal which was the same situation we saw with this morning’s “cautious” sector breadth.

The mid-day graph paints another bearish picture of money flowing into defensive sectors such as Utilities and Energy with our third place finish going to Financials.

At the moment, 80% of Dow Jones stocks are down on the session while 70% of S&P 500 stocks are negative at this moment.

We’ll turn now to our potential bearish trend day continuation candidates first:

We continue to see an appearance by Intuitive Surgical (ISRG) which I highlighted on a “trap and gap” educational post last week.  The trap triggered and price continued to collapse lower.

ISRG is joined by downtrending candidates Stryker Corp (SYK), Petsmart Inc (PETM), and Wynn Resorts (WYNN).

Should the market stage an end-of-day magical reversal like yesterday, you may want to concentrate on the top intraday trending stocks at the moment which include Ameren Corp (AEE), Teco Energy (TE), Public Services (PEG – back again), and a name you don’t see often – Stanley Black & Decker (SWK).

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Corey Rosenbloom, CMT
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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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Seven New 52 Week Highs and One New Low for April 14

Apr 14, 2014: 1:14 PM CST

Following-up on this morning’s intraday Breadth and Trending Stock Scan update, let’s take a quick look at the seven stocks pushing to new 52-week highs and the one lonely stock breaking to a new 52-week low on today’s bullish support bounce intraday session.

April 14 52 week high low scan

The following stocks pushed to new 52-week highs today, as seen on the grid above:

Archer-Daniels Midland (ADM), Allegheny Tech (ATI), DTE Energy (DTE), Newfield Exploration (NFX), Public Service Enterprise Group (PEG), SCANA Corp (SCG), and Spectra Energy (SE).

One lone stock – so far – broke to a new 52-week low: Rowan (RDC).

At the moment, Rowan (RDC) is bouncing up from a weak open to develop a strong intraday bullish session.

Otherwise, study the charts of the seven stocks hitting new 52-week highs for potential pullback or breakout continuation opportunities.

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Corey Rosenbloom, CMT
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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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Bullish Sector Breadth with Caution and Trending Stock Scan for April 14

Apr 14, 2014: 12:14 PM CST

While the broader US Stock Market rallies sharply off an inflection low today, the Sector Breadth performance sends caution signals despite broader bullish price action.

Let’s see what’s going on under the market and identify our key trending stocks for today’s session.

Despite across the board bullish price action where 90% of Dow Jones and S&P 500 stocks are higher in today’s session, take a close look at the bars in the sector performance grid.

As we’ve seen in prior “bearish sector money flow” updates such as April 11th, April 10th, and April 7th, we’re seeing the strongest sector performance – 100% of stocks in the sector positive right now – in Utilities ($XLU) and Energy ($XLE).

While the difference is small, the fact remains that Industrials ($XLI) and Financials ($XLF) join Health Care ($XLV) for the “least strong” sectors of today.

Again, we’re not seeing a huge non-confirmation, but money continues to concentrate itself in the defensive sectors, even on a day like today.

Speaking of bullish price action, here are potential bullish “Trend Day Continuation” candidates:

Teco Energy (TE), Slumberger (SLB), Allegheny Technologies (ATI which returns to our list), and Halliburton (HAL).

Our potential bearish trend day candidates include the following:

Carnival Corp (CCL), Pitney Boles (PBI), Intuitive Surgical (ISRG which also reappears, as I covered in an earlier educational blog post), and Bristol-Myers Squibb (BMY).

Unless we see another stellar intraday reversal, continue focusing on the relative weakness names and shorting them as the sell-off continues.

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Corey Rosenbloom, CMT
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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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April 11 Breakdown Sector Breadth and Trending Update

Apr 11, 2014: 12:35 PM CST

With the broader market breaking a key support level this morning, let’s take a quick look at mid-day Sector Breadth and view the results of our Trending Stock Scan candidates.

Here’s current Bearish/Breakdown Sector Breadth:

We’re seeing another clear example of Bearish Breadth where the strongest sector is Utilities ($XLU) followed by Energy ($XLE).

All other sector breadth readings show roughly 15% of each sector’s stocks are positive on the session.

In fact, 83% of all stocks in the S&P 500 are negative on the session mid-day.

This brings us to our bearish intraday trending stock candidates for additional short-selling opportunities:

Fastenal Co (FAST), Teradata Corp (TDC), Jacobs Engineering (JEC) and a stock I highlighted on Wednesday – Intuitive Surgical (“Gaps and Traps with Breaks and Fakes for ISRG“) top our downtrending list.

I was unable to find four clean uptrending stocks today, so I narrowed the list to these two:

If you simply can’t resist going against the trend of intraday money flow, then C.H. Robinson (CHRW) and ConocoPhillips (COP) are showing relative strength and intraday uptrends at the moment.

Unless we see another stellar intraday reversal, continue focusing on the relative weakness names and shorting them as the sell-off continues.

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Corey Rosenbloom, CMT
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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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