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.
blog comments powered by Disqus
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 »
Sign up for ZorTrades FREE updates.
Additional Articles and Updates
- Don’t Read Anything Else But This
- What The Dow Jones and The SP500 Are Not Telling You
- Tale Of The Tape
- Seasonal Odds For The Month Of April
- The Secret Trading Ingredient
- The Hardest Part Of The Business
- The More Things Change The More They Stay The Same
- Fox Business Clip; Combining Seasonality with Technicals
- Combining Seasonality and Technicals
- My 2014 Forecast