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Well I still scan the top 300 stocks regularly but there is no stock I can say I could really get excited about. Yet the market just keeps heading north.
At best all I can do is look at what sectors are driving the market.
Energy has firmed over the last few days with various global tensions:
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But other factors at play when we look at a weekly:
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Perhaps an uncertain world economic outlook?
Discretionary Goods:
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Short term there is not a lot of upward pressure but on a weekly chart we can see that there is some steady upside – you are feeling at ease and now spending more – maybe more than you can afford. But we worry about that later.
Banks:
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So banks also have some longer term upside.
Health:
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And also for health stocks on a weekly basis, there is some good upside is seen – and you may be able to get on board in a forthcoming pullback!
Resources:
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On both a short term and medium term outlook there is not a lot of upward momentum.
Industrials:
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So it appears this is the sector where the action is. But this is quite a motley collection of stocks thus it is hard to say clearly that any particular market segment has the upside. One needs to trawl the majors in the sector.
Staples:
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Short term benign – but further out still looking good!
Utilities:
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Short term still active but medium to long term there does not appear to be a lot of upside.
So though there are no screaming bargains there is still some value if you have the discipline to patiently scan the interesting sectors.
Enjoy the ride
Tom Scollon
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