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Labor Day Weekend Announcement - Sidelined Cash May Fuel Next Substantial Leg Up
Kenneth J. Gruneisen, Founder and Contributing Writer, www.CANSLIM.net
(EDITOR'S NOTE: Since the article below was written by Ken, the Nasdaq Composite Index produced a solid follow-through day! Having a watchlist of worthy buy candidates could be very important in the final months of 2010, and we hope the services we provide are helpful to your investing success.)
Sidelined Cash May Fuel Next Substantial Leg Up by Kenneth J. Gruneisen, CANSLIM.net
The major averages have yet to produce a fresh follow-through day (FTD) since the summer rally ended, and there is no assurance one is coming soon, but one is eventually coming. The good news is that a fair amount of leadership is coming from companies in groups including: Computer Hardware, Computer Software, Internet Networking, Health Services, Drugs and Biotechnology, Specialty Retail, Food and Beverage, and Mining. It would be discouraging if the worthy looking buy candidates setting up now were concentrated only in cyclical groups or defensive areas.
Leadership in the above mentioned areas aside, the biggest area of concern now is financial stocks. Financials have been again noted as a worrisome area of weakness, meanwhile, Foreign Banks have shown up in increasing numbers during my screening efforts in recent months. Perhaps it is early to blame the newly passed "financial industry reform" measures, but the market has clearly been voting in favor of Foreign Banks while demonstrating an obvious uncertainty over Domestic Banks. While we will continue routinely following the technical action in the Bank Index and the Broker/Dealer Index, the most important thing to keep in mind is that the major averages have a greater likelihood of suffering deeper losses when financial shares are weak. Right now, they are weak.
BIASED TRADING ON MAJOR EXCHANGES
WHAT CAN FUEL A NEW RALLY?
What about all of those predictions for slower growth and a possible "double dip" recession? For what it is worth, the technical action in the major averages is more important to follow than all of those talking heads on television. It would be very telling if the market can manage to shake off the negative headlines and rally in the face of bad news. This is all the more reason to be a believer and have a bias toward buying sound looking breakouts when the next follow-through day provides a new rally confirmation.
Members receiving the free reports we publish are noticing a leadership expansion since the September 1st follow-through day!!!
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Kenneth J. Gruneisen, Founder and Contributing Writer, www.CANSLIM.net :
Kenneth J. Gruneisen has successfully completed the CAN SLIM® Certification Program. Mr. Gruneisen became a Registered Representative in 1987 and his career includes experience offering personalized assistance to investors with more than a decade of experience as a Registered Principal managing a branch office.
The recommendations made by CAN SLIM® certified individuals are their own and may not be attributed to the CAN SLIM® Certification Program, William O'Neil & Co., Investor's Business Daily or their affiliates. The CAN SLIM® Certification indicates only that the individual has successfully completed the CAN SLIM® Certification Program. CAN SLIM®, William O'Neil & Co., Investor's Business Daily and any of their affiliates are in no way responsible for any loss or damage caused as a result of the services provided by these individuals.