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Summary
We ran some MarketSmith scans this morning to find candidates that were exhibiting relative strength to the markets. COOP was an idea from my trading buddy Mikey. Look for these stocks to continue higher today as futures rebound (+30pts) vigorously in early trading.
“For today we note 3350 as the key downside area, with 3400 the overhead resistance line. Below 3340 is where we may see another sharp move down. If VIX can break below 30 we think that is a good signal for a rally back into 3400.”
MarketSmith Scans
When equity indices weaken, this marketsmith scan finds candidates that are showing strength.
COOP – Single-Family Real Estate Services
Mr. Cooper Group Inc. provides servicing, origination, and transaction-based services related principally to single-family residences in the United States. The company operates through Servicing, Originations, and Xome segments.
COOP stock is breaking out on above-average volume while showing relative strength the past few trading days. RS Line is rising.
COOP next earnings scheduled for 10/31.
Be sure to review the remaining relative strength candidates from the marketsmith scan noted in the bottom panel.
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Happy Trading,
Vinny
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*** Stocks highlighted are for information purposes only and should not be considered as advice to purchase or to sell mentioned securities.
As always, the use of technical and fundamental analysis is encouraged in order to fine-tune entry and exit points to average seasonal trends.
These mentions are stocks that we may or may not decide to trade as outlined in the watchlist. Always use a stop.
September 26 broadcast stating please hedge or refrain from trading during this period of high volatility and elevated risk.
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