The markets declined on heavier trading volume today which isn't to surprising. Transportation stocks declined but the railroad stocks held up really well. Burlington Northern, CSX, Kanses City Southern, Union Pacific, and Genesee & Wyoming are all near 52 week highs. Canadian Pacific is struggling abit but is holding right at the 50 and 200-day moving averages.
Ventas and Senior Housing Property Trust barely budged today. Balchem however declined $0.98, VNUS Medical Technologies fell $2.68 after reporting earnings. The stock was as low as $15.06 today but closed at $16.16. It bounced right off of its 200-day moving average. I want to give it a few days to see how it acts before selling it.
I suspect we'll still see volatility since we are in the heart of earnings season. From a sentiment standpoint, the general public is pretty pessimistic on stocks still and that's a good thing. I'll update the latest Investors Intelligence Survey Results. Hopefully the newsletter writers will still be in the 35% bullish area.
Have a nice evening!
Arthur Daret