June 3, 2013
Uncategorized
By Geoff Bysshe
Friday the markets had an ugly final 30 minutes with the SPY dropping a full percent in that last half hour alone. Moves like this are good opportunities to identify stocks that aren’t afraid of falling markets. Below you’ll find a screen shot of the results of a basic HotScans scan for the stocks that rallied the most over the last hour of the day.
In an effort to find the stocks that were up the strongest relative to their individual volatility, I set the filters to scan for the stocks that were up the most relative to their average range as opposed to the typical scan based on percent of price.
There are quite a few interesting daily charts in this list, especially if you have the 50 and 200-day moving averages on your chart. For example – EWW, PNK, CPT, NEM, GDX, GG, TJX.
It’s always a good idea to look to see what’s going in the opposite direction of the market when there is a very directional day.
Notice that gold stocks are the most popular group in the list. This week’s Market Outlook blog, “Look Out”, shows you another indicator that the gold mining stocks may be ready to bounce. Check it out here: https://marketgauge.com/market-outlook/look-out/
(click the image to enlarge it)
