While the broad market sure seems like it is falling down a slippery slope, many individual stocks continue to act well. Consolidation is simply a fact for even the most potent of uptrending stocks. Moreover, we know that we have rising major daily chart moving averages on the senior indices, giving the bulls the benefit of the doubt after a mere 2% correction.

One of the hallmarks of a healthy market occurs when the major indices correct sideways or down 2-4%, yet many stocks below the surface are permitted to either drift sideways benignly or even break higher. With skepticism about the rally elevated, by my estimation, I am on watch for that scenario to develop.

I like the following stocks on strength tomorrow and into next week.

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With that in mind, let’s look at two main workout/athletic gear stocks. LULU popped out of its falling channel this week. However, I still would not touch it on the long side, as the 50 day moving average continues to slope downward giving us the presumption that rallies will fail for now.

However, I do like UA here, as you can see price tightly consolidating above all rising moving averages on the daily chart, a much better picture of technical health indeed.

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The presumption is that there is pent up demand for EBAY if it can clear resistance, given the factors listed on the chart below. No position yet.

 

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Obviously, the shorts are on the run in this type of market.

Above, you will see today’s results for my ultimate short squeeze screen that I created in The PPT (all members can custom-make their own screens to help be prepared for various types of markets). Please click the image for a larger view. Now, what we do inside 12631 is filter the above results through sound technical analysis, applying risk management principles to find the best of the best setups and trading ideas.

Members of The PPT and 12631 should check inside my PPT home page for the actual screen of my “12631 FINISH HIM! SHORT KILLER SCREEN”

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I like the following casual food stocks on strength, so long as the broad market continues to show resilience and permit breakouts.

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