Looking at the $USHL5, there was a brief pop positive setting a higher high before dunking again and finishing up the week -640. I'll be looking to see if this firms and establishes a higher low which would indicate that selling is beginning to abate. Considering the state of the market with the major indexes down between 15 to 20 percent, there are two scenarios I am anticipating: one being a bottoming formation, and the second being the precipice of a full blown bear market should all major indexes drop through 20% or more. Regardless of which unfolds, I can begin to prepare for the next cycle by looking at stocks that are holding their own under the weight of this market.
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| $USHL5 |
There are two freely available tools through FinViz that I looked at this weekend, the first being their list of new 52 week highs:
MFN ARCO STMP VRUS RGLD RIC BAA WPRT NGD NEM EXK AZO AUY CALP TVLT
The second is a screen I use to look at pockets of recent strength. This list is composed of the following:
MITK DY PMC MAKO WPRT EXK ACTG HOTT NXG UAN PAET MLI FCFS EDR DLLR MFN JAZZ OCN CLP EXR AKR CSR JCOM AEC EDU ORI MRGE EBIX UIL DPZ AVA MNRO AKRX EE CNU VGR
Additionally keeping an eye on the changes occurring on a monthly basis in the Morning Star Groups with a focus when more risk oriented sectors emerge should divulge further clues about risk appetite and where the next leadership may emerge.
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| Sectors by Price % Change 1 Month |
Arranging this list by price as percent of 52 week high continues to show defensive sectors at the top.
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| Sectors by Price % 52 Week High |
Two areas I'll be focusing in on through the remainder of this month is keeping a list of strong relative strength stocks and stalking for when a plethora of bases and set ups emerge As of now, with price jumping around like a flea circus finding low risk high probability swing trades is like shooting guppies in a barrel. Yeah I might hit one or two, but is it worth it?
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