Still waiting for a tradable bounce to set up. Mid-morning rally efforts were stifled because of a lack of buying interest, however, the late session higher low and hammer-like stick on the daily chart look promising. But, we need a sustained thrust above yesterday's swing high in order to start thinking about suitable long setups.
The medical supplies index bucks the selling trend. Components propelling the sector index higher yesterday included BCR +4.7% and BDX +2.3% which set new 52-wk highs along with BAX +2.9%, OMI +2.8%, IDXX +2.4%, PSSI +2.4%, XRAY +2.4% (held near 50 day support), PDCO +2.4% (testing 50 ema resistance again), ACL +0.9% (held at 200 sma support), IMA +0.4% (testing 50 sma resistance). Other health related names that continue to perform well include: ESRX +5.3% new 52-wk high, MHS +1% new 52-wk high and HUM +1.8% (approached its Oct/52-wk high today).
Still waiting for a tradable bounce to set up. Mid-morning rally efforts were stifled because of a lack of buying interest, however, the late session higher low and hammer-like stick on the daily chart look promising. But, we need a sustained thrust above yesterday's swing high in order to start thinking about suitable long setups.
The medical supplies index bucks the selling trend. Components propelling the sector index higher yesterday included BCR +4.7% and BDX +2.3% which set new 52-wk highs along with BAX +2.9%, OMI +2.8%, IDXX +2.4%, PSSI +2.4%, XRAY +2.4% (held near 50 day support), PDCO +2.4% (testing 50 ema resistance again), ACL +0.9% (held at 200 sma support), IMA +0.4% (testing 50 sma resistance). Other health related names that continue to perform well include: ESRX +5.3% new 52-wk high, MHS +1% new 52-wk high and HUM +1.8% (approached its Oct/52-wk high today).
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