Another intraday reversal for the indexes show, once again, how weak this market is. Markets reversed hard and volume really picked up as the indexes started their intraday freefall.
This gives the market another distribution day. If you have been reading my blog, you know that caution has been urged for a while now but today was proof positive this market is not done to the downside.
Oil and the Fed Reserve of NY issuing a letter about banks problems with derivatives were the "usual suspects" for why the market fell. No matter what the reason is, make sure you have a disciplined cut loss strategy in this negative news environment.
New Swing Longs: RFMD PSSI SBGI BNN CVTX PESI VCC
Longs Outperforming Market: CPST MCEL MII BCRX
New Swing Shorts: SFC GFIG XLV CBT CHCO NKTR PTR GPN CDE SONC EAT CBRL. The whole restaurant sector broke hard today.
Shorts Outperforming Market: WIND VSTA VRSN
2 comments:
GO BNN GO!!! Show me the money!
Josh, contact me on AOL/IM, Yahoo Messenger as Nazbuster.
This is fleabite.
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