Scanning charts today looking for bullish candidates was a waste of effort.
I promised a new look tonight after the weekend was spent fighting computer problems that kept the newsletters from being delivered. I scanned about 150 charts tonight and found nothing I was willing to sell puts on. Of my 100+ watch list only seven stocks were positive for the day.
With the Dow down only 39 points it was not a true indicator of market action. The large cap S&P had 2:1 decliners to advancers but the Russell 2000 had a 5:1 ratio of decliners to advancers. This was a seriously negative day in the market even though the major averages were only down slightly. The most damage was in the tech sector with the Nasdaq down another -1%.
S&P Futures are already down over 3 points tonight so it looks like we will be flat for a few more days. With volume extremely low and nobody coming back to the market until after Labor Day it is going to be very boring.
No Open Positions