Moving averages are flat; many education stocks strong
The GMI-R climbed to one (of 10). There were 9 new highs and 214 new lows in my universe of 4,000 stocks on Monday. The last time we had over 200 new lows was on January 20th. In contrast, the most daily new highs this year was 20, on January 2nd. The QQQQ completed the 13th day of its current short term down-trend. Nevertheless, the key moving averages are flat and have all converged. At some point a new trend will break out. Some stocks are looking strong. Among the new highs today were two stocks on my IBD100 lists: ESI and SXCI. The strongest group I have found is the education and training services group: APOL, CECO, COCO and ESI are doing incredibly well in this declining market. During hard times, people go back to school.
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Mr Risk added these pithy words on Tue, 2-3-09 at 6:19 amThe only stock that made it onto my stock Boomer list is APOL from the S&P 500 Index. Out of all the education stocks, APOL is the strongest. CECO, COCO, ESI and SXCI didn’t quite make it.
In normal bull markets there are usually at least 30 or more Boomer candidates out of 500. Right now, there is only one. It’s still a terrible environment to trade growth stocks.
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