Market Monitor

  • Market continues to trade in the shadow of bond action. A hint of stabilization in bond sent the market rallying for second day in row.
  • The IBD kind of stocks have held up well during the correction and number of them had buy able breakouts in last couple of days. The steel sector had two good buys in MTL and SYNL in last couple of days. SSW, shipping container leasing company, which was IBD 200 member for many weeks also had breakout this week.
  • Lack of aggressive buying still is a problem. I would be more comfortable if there is a 200 plus 4% breakouts. In absence of that , I am more short term focused.
  • Expecting the market to pullback after two days of back to back rally action. The metals and health care are two sectors worth keeping an eye on. Financials like GS,BSC, and others are showing weakness. This group always is the bell cow, so the weak action is not a good sign for overall market direction.


nodoodahs said...

Did you buy any SYNL during the day yesterday, or earlier? I got in during the down action on Tuesday ...

Pradeep Bonde said...

4 days ago on 4% breakout.