The markets closed lower but finished the day near the midpoints of their daily ranges. The overall take on that action is that it was not a good day but not terrible also, since buyers stepped up in the end to pick the averages up off their lows of the day.
Volume was mixed across the board. But on the Nasdaq volume picked up. That along with the downside action makes this a distribution day. This distribution day is a hard one to call though because there was so much positive action in individual stocks. So, overall, my feelings are mixed on todays action.
The one thing I did pick up in the chat rooms was a lot of bearish views overall. A lot of individuals are looking for this market to drop. It may drop, indeed, but I have to follow the trend and all trends are up. Along with this uptrend is a lot of stocks that are making great moves. Just look at the "longs outperforming the market." For such a negative day, there sure was a lot of big gains in some swing longs I am holding.
I remain cautious yet bullish since all trends are up. Until we cut through the 8/29 lows, I have to put my money to work in longs because that is what is working.
Keep on getting bearish out there. That is what the market needs to move higher.
What if the market reverses and heads lower? Will I feel like a fool? Absolutely not. I will simply cut losses, raise cash, look for shorts, and enjoy the ride down. But until then onward and upward.
New Swing Longs: VRNT ANAD ISIS MOBE IINT VTIV UFI
Longs Outperforming Market: PESI XWG DESC FORD HBE SYNM NFLX PANC ARS VIVO GLW NSM BTUI MII
New Swing Shorts: RE EMC MVSN
Shorts Outperforming Market: CENT
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