Focus List Stocks To Watch
What Monday’s Action Tells You
It was a non-trading day as there was essentially
no market action. NYSE volume at 1.08 billion was the lowest of the year, while
the SPX, which closed at 1065.22, +0.1%, had a daily range of just 5.5 points.
Its was essentially a Slim Jim day for the major indices, i.e. the QQQ traded
32.94 – 32.78 (closing basis) all day The volume ratio was neutral at 50 as was
breadth at-216. The Dow finished at 9815, -.01%, Nasdaq 1775, -0.1%, with the
QQQ at +0.2%, closing at 32.80. In the sectors, the OIH and XLE were both +1.6%
after three wide-range bars down to the 89-day EMA. The XLK was +0.7% with the
XLB +0.6%, closing at 25.25, just above its 200-day EMA of 25.11 and 233-day EMA
at 24.89. The Active Traders sectors section is cancelled today due to lack of
major indice travel range. That hasn’t happened in a long time.
For Today
The starting point is the current contracted
trading range for the major indices as you can see on the SPY, QQQ and SPX
charts. The weekly SPX chart from yesterday’s commentary is live as the SPX
closed at 1065.22, right at the 1063.75 minor support zone.
If there is follow through in the energy sector,
check the focus list stocks like WFT, BJS, SII, DO, SLB and BHI. Some
above-the-line stocks to also have on your list are BR, SYMC, PCAR, AT, BDK, RTN,
and BA, all of which have traded contra to the major indices.
The Fed action is expected today, looking for
that quarter point increase, but any reaction will stem from the language of the
statement so the market action can certainly remain range-bound until after
that.
Have a good trading day,
Kevin Haggerty
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