While today was, yet again, another very bullish LOWER VOLUME rally that shows that institutional investors still have NO interest in buying this market, there were still some positive stocks that showed up in the various scans that give me a slightly bit higher level of encouragement that this rally might happen sooner than later. Even though there is not one “hot” stock set up right now that can be a long any time soon, there still is a list of stocks doing there own thing working on a bottom or right side of a base. These stocks all need time to come around and look near-perfect to perfect but they are doing better than the other 99% of stocks out there. Stocks like UVSP, NCIT, DLTR, RGLD, ASEI, AXYS, COGT, ACM, MAKO, ESI, TSYS, CPLA, HTX, EPIQ, and CWT all have the look of stocks setting up and wanting to be future longs. Still as experienced investors will tell when looking at these longs, there is a lot of work to do before these things carry a flat base with max green BOP and heavy accumulation with low distribution for more than 20 days. But still this is a much better outlook on the future than at any other time since the selloff really picked up in May. So it has been a very long time since we had this many stocks POTENTIALLY making bases/STRONG bottoms. Take it for what it is: a low volume, holiday, short-covering rally that has everyone calling, yet again, another bottom. Until these bottom callers becoming bottom deniers there is no way the downtrend is done yet.
new long positions: none
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