Breadth was still on the negative side, while the indices were flat to up 1,426 stocks registered new 1-month lows.
Typically, spikes in 1-month lows lead to short term bounces that are followed by a lower low on the indices.
I have a few names on my watch-list today; $LJPC, $AGN, $BRKB, $HAL.
$LJPC on 2/27 announced positive top-line results from a phase 3 study, the stock surged 90% the next day. What's interesting is that five different insiders picked up 105k shares in the open market after the stock made the huge move. I like this stock if and only if it can get through yesterday's high.
Oil was the first sector to lose momentum, the sector peaked in December and has pulled back a little more than 10%. Over the last few days, the downside momentum has eased and a few oil names like $XOM, $CVX, have shown some stabilization. I mentioned $XOM as a possible character change play with the 10-20 day moving averages now acting as support after acting as resistance for 57 trading days. $XOM also sport a decent yield.
But today I'm also focusing on $HAL, the stock has pulled back to potential weekly support, and on the daily, it has been down for 5-days in a row. I have an interest in the stock if it can get through yesterday's high.
$AGN and $BRK.B two stocks down multiple days in a row that are down to potential support levels, I have an interest in both stocks if they can get through yesterday's high.
SIGN UP HERE FOR OUR STOCK PICK OF THE WEEK.
Frank Zorrilla, Registered Advisor In New York. If you need a second opinion, suggestions, and or feedback in regards to the market feel free to reach me at fzorrilla@zorcapital.com or 646-480-7463.
We live in a world in which we are bombarded with information, tweets, blogs, etc., content is the new salesman, content is the new marketing, content is the new networking. With information being so readily available, bloggers try to differentiate themselves with their writing skills, volume, and consistency, putting out blog posts to meet quotas. We are seeking to stand out from the crowd by showing performance, by taking all the information and seeking alpha, that’s the sole purpose of the blog. It won’t always be pretty; it’s never easy, and performance is spotty, but we seek superior risk-adjusted returns, not notoriety for our writing skills. If this is something you can relate to, then this blog is for you.
No comments:
Post a Comment