Stock Indexes fell across the board on heavier volume than the previous two days during the EOQ markup. What made the selloff worse is how it started. The markets steadily were marching up till the middle of the day when all of a sudden the selling started, picked up, and never stopped till the close. That gave the feeling of clear institutional selling.
The Nasdaq failed to breakout above its 50 dma which is not very positive, considering how the market is acting recently. With it now failing at this average again, we can assume path of least resistance is definitely down not up for the Nasdaq. As for the other indexes it is still hard to come to a conclusion on them for now, except to say the look very weak.
Raising cash and protecting profits is very important at this juncture right now. Selling longs at first sign of weakness is necessary to preserve cash for better times.
REITS and Homebuilders look like they are ready to rollover AGAIN to the downside. A lot came up on the short scan again today breaking below key support. Since these were the market leaders past three years I dont see how this could be a good thing.
New Swing Longs: IRIS BRL DVA CHIC SWW NT CAMP TEVA ENTG
Longs Outperforming Market: TGC BMD BTUI APT RBA CMED BTJ ASF MESA RCCC BCRX REGN AAI LCC
New Swing Shorts: UTR NHP MAC RAS RMK ANGO CBL
Shorts Outperforming Market: VLCCF RYL TMA RHD NCTY
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