September 4 Market Update and Trending Stock Scan

Sep 4, 2014: 12:46 PM CST

What a fun week it’s been so far!

Buyers short-squeezed the market higher each day only to fail to hold the gains as mid-day reversals plagued the market.

Today is no exception as we see another instance of morning strength giving way to afternoon weakness in the stock market.

Let’s look beneath the price to highlight Sector Breadth and what it suggests at the moment:

With a bullish session underway at the moment, sector strength is concentrated in the bullish group which is to be expected. Discretionary and Industrials lead the day followed closely by the “Risk-On” Financials, Technology, and Materials.

Energy once again underperforms the other sectors as relative weakness appears in “Risk-Off” Staples, Health Care, and Utilities.

While we turn away from Breadth, we can focus on potential bullish trend continuation candidates:

PVH Corp (PVH), Fastenal (FAST), Costco (COST), and Best Buy (BBY).

Downtrending (bearish) intraday candidates include the following stocks:

Tenet Healthcare (THC), Ensco (ESV), Murphy Oil (MUR), and Southwestern Energy (SWN).

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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