September 8 Market Update and Trending Stock Scan

Sep 8, 2014: 2:47 PM CST

As we wind down our first trading session of the week, let’s take a look at the message from our Sector Breadth Chart and highlight trending stocks of the day that may continue to trend into the next session.

We’ll start with our perspective on Sector Breadth:

We see another mixed picture of Sector Breadth which is to be expected on today’s Range/Reversal session.

Our strongest two sectors are Health Care (traditionally ‘defensive’) and Technology (‘offensive) with the weakest two sectors being Energy and Utilities.

The remaining sectors are still bearish with roughly 25% of stocks trading higher mid-day but we’re interested in the relative strength of the sectors, not the absolute values.Despite mixed or even slightly bearish sector performance, we can focus on bullishly trending candidates:

Motorola Inc (MSI), Yahoo (YHOO), Hershey’s (HSY), and Boeing (BA).

Bearish trending candidates – some with potential reversals – include these stocks:

McDonalds (MCD), Keurig Green Mountain Coffee Roasters (GMCR), Macy’s (M), and Oracle (ORCL).

Corey Rosenbloom, CMT
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