Helene Meisler writes a daily technical analysis column and TheStreet Top Stocks. For more information, click here. Meisler spent more than a decade on the sell side as a market technician covering institutional accounts at various investment banks in New York City, including Cowen & Co. and Goldman Sachs. In addition she worked at Cargill in Minneapolis where she managed equity money for three years. She received her bachelor's degree in business from Pace University.
Sentiment's changing and the market's not yet overbought -- and is showing some signs of improvement here and there -- but buckle up for the ride this coming week.
Expect a bout of volatility next week as we straddle between oversold and overbought.
We're seeing a much different tone from last week, especially when it comes to chip stocks.
Intermediate-term indicators fail to show we're oversold, but it takes time to cycle through -- and it's on the way.
In this market of haves and have-nots, too many stocks are still languishing and sentiment is sour -- but we're still likely oversold enough to potentially rally this week.
Individual stock charts show that in this rally, one set of stocks -- the haves -- is moving up big-time, while another set -- the have-nots -- is barely budging.
As the rally keeps working and sentiment is shifting, stocks are falling into two categories: those that are winning and those that are languishing.
The banks and small caps mostly sat out the rally, but the good news was the number of stocks making new lows was about half of what we saw on Monday.
Let’s dive into the positives -- such as fewer new lows and more new highs -- that tagged the mediocre rally on Wednesday, as well as the outlook for the iShares Barclays 20+ Yr. Treasury Bond TLT.
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