Machinery, Metal, Steel, Trucking and Transportation stocks fared well today. Large banks struggled again, along with Household / Housewares, Leisure, and Insurance stocks.
A lot of stocks reversed off of their highs today and closed lower. Overall it was a disappointing day but given the current environment, there just doesn't seem to be a catalyst 'yet' for investors to jump back in and as a result, we continue to see consolidation in a very negative environment.
A few stocks managed to hit new 52-week highs today including Ocwen Financial (OCN), HMS Holdings* (HMSY), SXC Health Solutions* (SXCI), Myriad Genetics (MYGN), and Cephalon (CEPH).
Have a nice evening!
Arthur Daret
* Myself or some clients own shares of these companies