Market picture remains mixed
The subject line and this week’s market trend picture say it all. Some indices, like the DJIA and S&P 500 are virtually trendless (though with a negative bias), while others are negative (Russell 2000), while still others remain positive (e.g., Nasdaq and some emerging markets indices).
The same mixed picture is true of various market sectors. Financials, Semiconductors, and Consumer Discretionary are all negative, while Technology, Utilities and Energy are positive, with the rest in between. Whether this is indicative of consolidation, or of some sort of a turning point is too early to tell.
New positions
No new positions this week.
Watchlists
“Upside strength” candidates of interest this week include Automatic Data Processing (ADP), Avon Products (AVP), Brinks (BCO), Clorox (CLX), Companhia Vale do Rio Doce (RIO), McKesson (MCK), Newmont Mining (NEM), Petrolio Brasileiro S.A. (PBR), and Unilever (UL).
Candidates of interest on the “oversold” scans include Apogee Enterprises (APOG), Brinker International (EAT), Brown Shoe (BWS), and Cemex (CX).
