The charts of many stocks in two particular industries are shaping up to be enticing setups. Both the medical wholesale equipment group as well as discount stores are being detected by The PPT algorithm today for sharp increases in their daily hybrid scores, combining a variety of technicals and fundamental factors. (PPT Members click here and here for those screens).
Here are just a few of those setups…
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Lef by IRBT, many stocks in the “Appliances” industry have been flagged by The PPT algorithm today. If you do not mind trading some thin stocks, here are a few ideas. Again, please use caution with thin stocks and avoid market orders. Note that April and May is also seasonally the best time of year to play the appliances.
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The #4 ranked Industry today inside The PPT, by technical score, is comprised of firms in the “Air Services” sector. As you can see by clicking on The PPT image below, they also have favorable seasonality this time of year.
I am impressed with quite a few of those charts, namely AAWW AIRM BRS
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Out of all 202 industries, the third-ranked today by The PPT algorithm is Wholesale Drugs. Click on image below for full-size view.
To my eye, the best charts on the screen are: ABC ESRX MCK OCR
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As traders, we often become frustrated after putting in the necessary work to identify high probability setups, only to see the market not accommodate us by following through and hitting our price triggers. Today was a pretty good example of that phenomenon, as there were quite a few enticing setups walking into this week. However, an exogenous event like the Standard & Poor’s downgrade threw a wet blanket on those setups, at least for today.
Looking over how many of those setups fared, I think you will find that the selling was not quite as damaging as it seemed this morning. Indeed, most of those trading ideas that I pointed out to 12631 members yesterday (Don’t forget, Free Trial All This Week to 12631 for PPT Members Only) saw no heavy selling volume today, and their favorable chart patterns are still intact.
While today may have been a good day to take a wait-and-see approach and hold off on making aggressive buys, considering most of those setups held up exceptionally well, I think we come back tomorrow and look for the bulls to take another shot at those trades. With the 1300 level on the S&P 500 holding true, the bulls have at least earned a mulligan.
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[youtube:http://www.youtube.com/watch?v=szGzAxJ0fbw&feature=related 550 412] _____________
With AMRN up roughly 94% (!) while the broad market tumbled today, the idea of playing Biotechnology stocks seems increasingly tempting, especially given their outperformance over the past few weeks. IBB, the ETF for Biotechs, looks to be in a clear uptrend. If you simply must play Biotechs, but are scared to dabble in inidividual plays given their propensity for being hand grenades, then IBB appears to be the sensible candidate.
For those of you who want more action, I give you one of The PPT‘s all-time classic screens. Below, you will find the top ten names on today’s Biotech screen. They represent those Biotechs that are being bought on strong volume. Note also that we have made it easy for you to filer out those stocks that are trading too low for you, so you can avoid (or embrace) penny Biotechs if you like.
Technically, which is how we take The PPT algorithm one step further inside 12631 (FREE TRIAL TO PPT MEMBERS THIS WEEK–Click here for details), some of the names are more extended than others.
Top Ideas: BMRN BPAX SVNT
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