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Intraday Market Notes: Filling Up On Grocery Stocks -- Sept. 19

|Includes:BDBD, B&G Foods, Inc. (BGS), CALM, FXS, OIL, RBGPF, USO, XLP

4:20 pm ET: The market continues its sideways tour with today's action leaning towards the buy side based on good news from the housing front. Yesterday, we noted some sector rotation going on and it continues today with consumer staples stepping into the limelight. B & G (NYSE:BGS), Cal Maine Foods (NASDAQ:CALM), Schiff Nutrition (SHF), and Smart Balance (SMBL) all crept up to new highs. The consumer staples etf (NYSEARCA:XLP) not only hit a new yearly high as well, but it even topped that by putting in a new all-time high. This sector has been showing a lot of strength and there's no technical reason for the uptrend not to continue.

The big news in commodities is the continuing drop in oil. Two of the major oil etfs, OIL and USO, both broke recent support and are testing their next support levels ($22 on OIL and $34 on USO). A break in these would likely ignite further sell-off (barring any increase in political tensions in oil-producing areas). Wouldn't it be nice if these dropping prices were reflected at the gas pump?

In currencies, the Swedish Krona (NYSEARCA:FXS) continues to outperform. We noted the breakout in this currency etf on July 30th. Back then the FXS was trading around $146 and has risen nearly 5% since. Having just cleared $152, it won't face any major technical challenges until the $155 area.

Stock of the Day: Today's pick was written up as part of an earlier article. I finally caved in and decided to include it in the Stock of the Day portfolio because although its shares are very thinly traded (so please use limit orders when placing your trades), its chart seems to be defying gravity. Years ago this stock traded for as much as $1000 a share; now its trading in the very low single digits. While I don't expect it to return to its former glory, it does appear that its price has bottomed and really the only direction it can make a substantial move is up. Considering the low price, you may wish to throw some mad money at it especially since right now it's the only stock in this potentially game-changing space. As this a very speculative gamble, please only use money you can afford to lose. Risk level: Very speculative

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Stocks: BGS, CALM, RBGPF, BDBD, XLP, OIL, USO, FXS