The Health Of The Market
- Posted by Frank Zorrilla
- on August 29th, 2013
Currently every major index and every SP500 sector is under its 20 day moving average except for the $XLE. Many are under their 50 day moving average. $SPY $IWM $DIA are under their 50 day moving average and all 3 are sporting bearish set ups.
Underneath the surface I see mixed action. When I say underneath the surface I mean individual stocks.
- If you look at the so called “LEADERS”, as a group they look fine; $LNKD $AAPL $TSLA $Z $YELP $DDD $SSYS $PRLB $XONE $CMG $NFLX $FB $PCLN, some of the neutral ones $TRLA $TRIP $GOOG $FSLR $SPWR $SCTY.
- The biotech sector is fine (technically); $XBI $GILD $BIIB $CELG $QCOR $ACAD $PCYC $AMGN $ALXN
- The semis are weak; $SMH $INTC $KLAC $SNDK $MRVL $CRUS $CY.
- The financials are weak; $XLF $KRE $GS $JPM $WFC $C $COF $V $CME you can include the insurers as well $PRU $AON $MET.
- Homebuilders and Reits, weak; $IYR $PSA $ESS $XHB $TOL $DHI $RYL
- Its interesting that $TGT $COST are really weak but yet $FDO $DLTR $TUES are really strong, this makes me think of $FIVE
- The $XLE looks fine, one of the best looking sectors; $APA $EOG $SLB $HAL $PXD $XOP $XES.
- Solars are mixed to weak; $FSLR $SCTY $SPWR.
- Retail via $DECK $RL $VFC $KORS $COH $TIF $UA are neutral.
- Eatery via $CMG $PNRA $CHUY $BWLD $GMCR $SODA $TFM $WFM $DNKN $SBUX are mixed.
- Top 200 stocks based on 6 month performance, on a scale of 1-10 I’ll give it a 7–(fine).
- Overall I see a mixed picture were longs, shorts and ESPECIALLY PATIENCE will work.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Frank Zorrilla is the founder and chief investment officer of Zor Capital LLC.He began his Wall Street career 10 days after his 20th birthday when he became a Series 7 licensed stock broker. More »
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