All the worries I had about the market yesterday were fulfilled today. Just as I expected, the market reversed intraday, closed lower, and had volume pickup to the downside.
Though the drops were minor, breadth stayed negative most of the day even when the markets were up. That along with the crazy action in most individual stocks right now shows the underlying weakness in this market.
BBY was a recent example of the possible impact of higher oil prices. Look at all retail from ANF to WMT. You will see the ugly action in the charts. How about the restaraunt stocks? Same ugly charts. Something tells me the indexes are holding up on hope and that these stocks (the old leaders) are telling us that a correction might be coming.
I am preparing by raising cash, keeping tighter trailing stops, and buying few new longs or new shorts.
Whatever happens, let it happen.
I might not be around the next 3 days, due to personal obligations. I will post new longs and shorts, but there will not be new commentary till this weekend.
Surf is WAY WAY up and I have a very important issue that I have to tackle and complete. So until then great luck with the market and I hope I get barreled multiple times the next 5 days!!!!!!!!!!!!!!!
New Swing Longs: KEYW LEAP TMWD
Longs Outperforming Market: PWAV ASGN SYNC PFWD UBET GLW MOT
New Swing Shorts: URBN LPNT SYK HUN WMAR BBY OSIS
Shorts Outperforming Market: IPCR
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