|Sunday, February 02, 2020|
A few stocks are still moving up extremely well on earnings news such as Tesla Inc. and Amazon.com, while many other stocks are rolling over due to concerns of the CoronaVirus. The leading indexes have broken their rising trend lines that have been in place since October and this break of these trend lines could cause the indexes to work lower from here taking many stocks with it.
Letís see two leading indexes.
My short-term trading oscillator closed Friday at minus 67 which is still an oversold reading. Iíve seen this tool get down to -120 at times so while its oversold now it can get much more oversold if the selling pressure keeps up.
Letís move on to several market leaders with most holding up relatively well while the market is selling down.
I hope to see you in the chat room Monday and back here Monday night.
Daniel J. Zanger