Market bias now positive
Last week’s continued market strength has swung the weekly trend picture fully back to the positive side. While this move may turn out to simply be part of a large consolidation phase rather than a move to significant new highs, the overall bias remains up for now.
New positions
No new positions this week.
Watchlists
“Upside strength” candidates of interest this week include Air Products & Chemicals (APD), American Electric Power (AEP), Duke Energy (DUK), Eagle Materials (EXP), General Dynamics (GD), Joy Global (JOYG), Kraft (KFT), Mine Safety Appliances (MSA), Owens & Minor (OMI), Pepco Holdings (POM), Sigma Aldrich (SIAL), and Telefonos De Mexico (TMX).
No new candidates on the “oversold” scans this week, but plenty of those mentioned in recent weeks still remain oversold and potential opportunities that I’m watching.
