Another up day. Just be careful. As we screened 1500 stocks, 200 sectors, many countries and commodities, it seems to us we just have a “beyond oversold” rally of unknown price and time. The MAJOR TREND does not change on two days up.
Just about everything still trade BELOW the 200 day average with the DOW sitting on it. The DOW always holds up best in bearish phases. Most growth stocks we follow are in between the 50 and 200 day, what we call no man’s land. The names that hold up best are the ones we isolate for when the market decides to stop the ugly. But many have broke below the 200 day.
APPLE (AAPL) up next for earnings. Many are in hope it turns the market up. We do not believe any one stock can do that, even the almighty APPLE. But always open to anything.
Futures off their highs today but still up a wee bit. Random whipsaw will continue in here as market(s) remain very stretched and extended to the downside.