The neutral range we are in right now is limiting the daily number of breakouts and breakdowns. There are only just a few each day that meet my criteria (esp. price and volume). Currently, the healthcare sector and biotech and pharmaceutical industries are doing the best in terms of displaying the most bullish patterns and they should be considered the core of a long portfolio. The retailers appear to be doing the absolute worst. It’s no surprise that they are breaking down every, single day and they should be avoided at all costs. Most sectors are just zigzagging up and down which is the reason why the general market is in a neutral range. As a group, we are simply not making any price progress or seriously taking back lost ground. The first six charts are not breakouts, but they are breakouts possibly waiting to happen. As always, breakdowns are for future preventative purposes.
Wednesday, November 19, 2008
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