The major market indexes were down slightly as institutional investors sold off stocks in sectors most likely to be affected negatively by the recent and ongoing hurricanes. Otherwise there was little domestic or foreign activity (with North Korea quiet) last week to influence investors.
Movement among our stocks remained muted – some longs retreated while other recent longs continued rising. Decent number of new weekly highs/lows, with the exception of Level 1 list, where many stocks remain mired in negative territory.
The increasingly dynamic fall market we have been anticipating remains in check with the hurricanes underway.
Highlights: 3 new weekly highs in long positions. 5 stocks with double-digit long gains:
BZH +17% LPSN +84% NEFF +136%
EVTC +10%
TRUE +11%
No new weekly lows among short positions.
Locking in short gain of +29% in EVH (10 weeks).