All portraits of doom aside, I must say I was surprised at the quality of the charts that turned up on my long-screen this weekend. While successful breakouts remain few and far between (this week has some at least) there are quite a number of poised lovelies.
If I didn't know better and you showed me this group, I'd say you had a decent market. Call it one more reason I don't need no stinking knowing. These charts may know something I don't.
But hey, you guys love scenarios and logic (I prefer nurses and nuns), so I will convey the current outlook with 3 varieties of likely dope:
1.) We gap down and/or penetrate lows (in which case the below list returns to the back pocket for the time being while the village is raided again (the point being that lower-lows in the mkt equals negative expectation-value for this list).
2.) We're about to see a violent retracement rally, in which case you'll do better to be short SKF or FAZ (if you can borrow them) - and/or otherwise focus on a quick upside killthrill w/ fast-guy FAS long or getting short SDS or something; BUT if we rally with 5-10% thrust inside of one day, I can almost assure you the rally will end with that session (or perhaps with an up-open the beginning of the next, but don't count on anything the next day you greedy bastards).
3.) We're on the brink of an intermediate-term (IT) rally and the below list now becomes the shit...just be sure to read the disclaimer about me being a dentist.
In the case of door #3, I present to you my updated screen for killing on the upside. Aside from the honorable mentions at the bottom, every name on this screen hails from a highly-ranked (or rapidly rising) industry group, in terms of relative strength + each is currently at or above its 50-day moving average + each is at new highs in relative-strength (RS vs. the SP500); the new high in RS is the most significant factor (imo), but these have all three (these names go to eleven).
Oh, Don't buy anything because of me - this is information only and I already admitted above that I don't know anything. I could pull your teeth out with pliers and you'd stop calling me a dentist, right? Get a goddamned real job already. Oh wait...
Killer Rabbit Punch List for potential IT retracement rally:
(Order is ranked by group relative strength)
DLTR (back again)
ARST (very thin but major-vol breakout)
HANS (old Hans, believe it or not)
NCIT (very thin; need >25.59) [Edit, should be honorable mention only; below 50-day]
NRGP [Edit: too thin]
Semi's-Manufacturing (suddenly, this group is exploding in RS):
CY (hard to believe)
MNRO (very thin)