A week ago here and here a list of stocks was mentioned as potential new leaders if the market continued to firm up and made a move higher. Since then the U.S. broad market indices broke above key intermediate term resistance levels, only to give it all back last Thursday in a big flush down.
Friday saw the market turn back up as the Russell Indexes underwent re-balancing. Then the market started out this week with another sharp decline yesterday across as all broad U.S. indices, with the S&P 500 down 1.6% and the market leading Nasdaq Composite down 1.95%.
Investor's Business Daily is now labeling the current market situation as "market in correction". So with the broad market weakness for two of the last three trading days it's not prudent for most investors to trade actively or in size. Continue to build a list of potential new market leaders and watch how they act compared to the broader market.
Some of the names mentioned in those two prior posts have broken out and stayed above their breakout points, while others have dropped back below and are back inside their previous bases.
Here's a beginning review of some of those names previously mentioned.
Investor's Business Daily is now labeling the current market situation as "market in correction". So with the broad market weakness for two of the last three trading days it's not prudent for most investors to trade actively or in size. Continue to build a list of potential new market leaders and watch how they act compared to the broader market.
Some of the names mentioned in those two prior posts have broken out and stayed above their breakout points, while others have dropped back below and are back inside their previous bases.
Here's a beginning review of some of those names previously mentioned.
Click on chart to enlarge view:
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