Cleaning Products Looking Sparkly

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A slow morning led to a nice pop heading into the New York lunch hour. Now, however, we are working through yet another base, as you can see on the intraday 5-minute chart of the SPY (ETF for the S&P 500), below. This type of orderly action usually favors the bulls. After some of the vicious selling that we saw in commodities last week, or rather in spite of it, the broad market continues to prove resilient.

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“I’m still constructive on the mawwwwwwwwket ova hea. If I make enough money, I’ll buy another Hondarrrrr Civic” -Gary Kaminsky, Host of The Strategy Session on CNBC

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We are off to a pretty dull start this morning, with the major indices straddling the flatline. While there is no real momentum for the bulls, holding last week’s lows is paramount. Thus far, we are well on our way to an “inside day,” trading within the confines of Friday’s price swings. As the session progresses, the tougher the bulls prove to be in defending the sub-1340 on the S&P 500, the more likely it becomes that buyers will trade with more confidence. However, I will let others do the heavy lifting for me instead of aggressively positioning myself for a bull comeback beforehand.

Underneath the surface, we have a mixed bag, regarding the performance of individual stocks. While some of the commodity names are bouncing back after last week’s pounding, it could just as easily be a brief oversold bounce before heading lower.

One name that looks set up well here is BRCD, a perennial takeover candidate. Despite its reputation as always a bridesmaid, never a bride, the chart looks good to go if the broad market cooperates here.

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Those firms that engage in the production of toys and games are set up well here, all things considered.

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