Valiant Attempts
What
goes up must come down…just not in the same
day! Monday and Tuesday mornings saw the major averages rally in the morning and
give up those gains in the afternoon. As I write this, the
Dow
(
$INDU |
Quote |
Chart |
News |
PowerRating),
S&P 500
(
$SPX |
Quote |
Chart |
News |
PowerRating) and Naz
(
$COMPQ |
Quote |
Chart |
News |
PowerRating) all just turned negative on the day. Volume is coming in heavier
than Monday as well, indicating there may be more downside to come.
On a positive note, the Put/Call ratio
has been bumping up against the 1.0 mark all morning. The
VIX
(
$VIX.X |
Quote |
Chart |
News |
PowerRating) also responded nicely to the market’s reversal as
it just went positive on the day.
Individual stocks are almost
non-existent. The ones that are popping their heads up, are getting smashed back
down — like the game you play where a fuzzy head pops up on a table and you hit
it with a mallet!
Autozone
(
AZO |
Quote |
Chart |
News |
PowerRating) attempts to rally out of a
consolidation, but the market reverses and the stock sells off.
Amerisourcebergen
(
ABC |
Quote |
Chart |
News |
PowerRating) broke out of a flat base on Monday, but
is having trouble with follow-through today.
Anthem
(
ATH |
Quote |
Chart |
News |
PowerRating) continues to wedge higher but the market just hasn’t allowed it to
make a clean break. I will definitely keep my eye on this stock, in the event
the market confirms a rally. It appears to be forming an ascending base at this
early stage.
One of the top-performing groups,
hospitals, produces Province Healthcare
(
PRV |
Quote |
Chart |
News |
PowerRating).
The stock broke through a pivot of 26.25 yesterday, but lacked volume and a
follow-up move.
Wellpoint
(
WLP |
Quote |
Chart |
News |
PowerRating) is seeing a nice pop out of the HMO group today. The stock
is emerging out of a V-shaped base after a couple of attempts to move out of the
base on 6/7 and 6/10 that lacked volume. The stock faces obstacles in the
failure-prone v-shaped base it broke free from and the overall market. Other
HMO’s have been holding up well, such as Coventry
Health
(
CVH |
Quote |
Chart |
News |
PowerRating). The medical groups and stocks have been the newest
to pop to the forefront in the market’s search for leadership.
As I wrap this column up, I am
watching the market make a rally attempt into positive territory. It would be
great to see a 2% gain on heavier trade over the next few days. In the meantime,
finding other things to do has been advantageous.
Until Thursday,
Â