We don’t usually have exciting Sector Breadth Charts to show but today is an exception.
Let’s jump straight into our August 15th intraday update and start with the unusual Breadth action:
Usually the Sector Performance is relatively similar with only minor changes among the sectors.
Today however, we have a huge spike in Energy and Utilities – something that bulls or buyers don’t necessarily want to see.
Our worst performing sectors are Financials and Industrials and that’s clearly something bulls don’t want to occur.
All other sectors are relatively similar in their weak performance today.
Though you may not think so given the broader activity, there are strong bullish buy candidates today:
Monster Beverage (big gap – MNST), PG&E (PCG), Monsanto (MON), and Gilead Sciences (GILD).
You may instead want to focus on bearish or sell candidates today:
Varian Medical (VAR), Capital One Financial (COF), Autodesk (ADSK), and Airgas (ARG).
Follow along with members of the Daily Commentary and Idealized Trades summaries for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Afraid to Trade.com
Follow Corey on Twitter: http://twitter.com/afraidtotrade