With the jobs data sending mixed messages and the January ISM report coming in better than expected, the markets are up some today. Not a lot at this point, but at least not going down. But before you start developing a silly grin and break into song, just know that the Senate debates on the so-called “Stimulus Package”, will put the cost above $900 billion…. That’s right. Approaching a trillion. But hey, It’s only money, and we’ve got so much of it to pass around, right?
Just saying………
The PnF bullish/bearish pattern ratio is sitting at 0.93, or basicially evenly split between bulls and bears (1.00= even split), based on a total chart count of 1,901 stocks and ETFs. I’d prefer to see that ratio get to over 1.10, before I’d start to expect a bullish trend to develop in the short term.
As of noon Eastern, I’m showing 63 new stocks and ETFs breaking out. A healthy 43 are breaking to the upside, or 68%. That’s nice.
Some of those breaking to the upside include:
ETFs: GML, HXC (China Index), KXI, LD , RTG and UNG
Banks: CAC, CSFL
Biotech: ABII, CEPH, REGN
Construction: MHO
Computers: RSYS
Financial: LAZ
Food/Beverage: DEO
Healthcare: VAR
Insurance: LFC
Energy: COSWF, MCF
Real estate: JLL
Semis: TXN
Software: ADVS
Telecomm: ERIC, TDS, VOD
Shipping: VLCCF
Enjoy your day.
That is all. Carry on.
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