Not only are the momentum leaders faltering . but other stocks which did not have spectacular rallies but had been up for the years are also faltering.
A narrower group of stocks continue to lead the advance. As we have seen many times this year such divergence has not been uncommon in last 12 month. It has not been a rally killer so far.
Every time the market starts selling the momentum leaders you see some small group of stocks emerge as new leaders and we see same thing happening now.
If you look at the Market Monitor number yesterday, 228 stocks were down . That tells you the sellers were dominating the action. But if you were trading some of the below mentioned stocks you would not feel that way.
Symbols from TC2000
OXBT
NYNY
BBSI
ARCW
NUVA
PRAN
DWA
DXYN
LOCK
BGFV
TAS
TASR
BELFB
NANO
KFRC
ZBB
VRTS
NCIT
ATRC
LOPE
STP
IG
BWLD
LVLT
ACHC
Stocks continue to breakout big on earnings. yesterday you had number of earnings breakouts.
Focusing on individual names selectively and setup continue to work.