Major market indexes did not do much today, basically with none of the averages moving more than .5%; the IBD 100 did advance 1.4% showing how strong the leaders are in this market. Volume did come in lower than Friday but that was to be expected with options expiration on Friday.
The Nasdaq and SP500 found support at their 50 day moving average. That was impressive considering how everyone was nervous we were going straight down through all support. Even though today wasn't a resounding rebound it beats a crash right through all support levels.
Still with everything happening in the geopolitical arena and all the earnings disappointments it is best to stay disciplined and be prepared for the possibility of a market slide. Though I don't think we are going to have anything serious, you still want to be prepared incase.
However, when you look at all the stocks I am long you can see that all the stupid bearish chatter is just that: stupid bearish chatter. The small caps and mid caps continue to shine and produce great gains. Seriously, just look at the returns select small and mid caps are producing. Why are the bears so ignorant to the obvious bright spots all around them?
SIDENOTE: CONGRATULATIONS CANADA! THOUGH IT WASN'T A MAJORITY IT IS STILL A START. CONGRATULATIONS ON ENDING 13 YEARS OF LIBERAL SOCIALISM INSIDE CANADA'S BORDER!! CONGRATS STEPHEN HARPER'S CONSERVATIVE PARTY!
Free markets instead of government controlled enterprises are always a better choice for EVERYONE. Low taxes, less government, and free markets, baby! Why isn't anyone talking about Iceland or Ireland? Has anyone seen the growth in those two countries? How about Chile or Brasil. Has anyone seen the GDP growth in those countries? What do those countries have that France, Germany, Venezuela, and Cuba don't? Why don't the countries with low growth do what the countries with high growth do? Could it be who they elected into office, unless they are dictators like Chavez and Castro where the people had NO choice? I wonder.
New Swing Longs: FNX EMAG RUSHA OZN
New Swing Shorts: DGX RESP
Longs Outperforming Market: PETS-125% CRED-31% RES-157% GMXR-202% BNT-50% TRAD-65% MNG-76% ORA-48% IHS-26% NTG NGPS PNRG OXPS-60% ARS AU-26% RAIL-37% BBD-109% STX BOOM-388% AAPL-66% CBG-69% GES-57% SAY VTS KEYS DB TMI SRA GRS-44% THOR-78% NEM MFLX-137% RVSN SWN STJ ASTE ACR-82% UDRL DRH ZEUS-35% MMUS GBN-25% OMNI SNTO TGC ESLR-98% CORS DDD-49% LCRD-40% RTK-87% SPSX NAK UBS NXG-51% DROOY-25% BKUNA CMPX DESC RATE-105% HSP-28% RCNI CERS-201% OPLK APAC PRPX ATRM EVST
Shorts Outperforming Market: NONE
Stocks On Radar Screen: NGS EGY GEOI CNTF AAU POZN HDY MII
3 comments:
any concern about CBG rallying back to its highs on very light volume. thanks
Hi, Josh, thanks for your advice on OXPS last week - sold some before the drop but still have some for earnings this Thursday. I continue to learn many many things from your blog.
I was wondering where your buy point would be on two stocks I like but have unique patterns(kind of similar actually). CKCM and CNTF. Both seem to be cups within bigger cups?? - not really sure. Any thoughts on the proper buypoint?
Also was curious of your thoughts on two stocks forming deep cup patterns - ERS and TXCO. Both bases look decent to me, and ERS has great IBD ratings and is approaching that $15 mark that gets it into IBD 100. Am I missing something within them? Are they too deep? Thanks in advance and keep up the great work.
Your comments are always appreciated.
I have been trading stocks for so long I have no emotions in the market anymore. I never have concern for anything. I only have a plan of action. I have advised taking profits in all longer term holdings and CBG was one of those.
As for the current situation, CBG still looks very good. Unless it collapses through the 50 dma on HUGE volume, I believe you should continue holding this stock with such huge fundamental growth.
Go to IBD and check this stock out it is first in everything in its group.
I wish you great luck out there.
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You are very welcome, anonymous. I am glad you are learning from my post.
CKCM--do a blog search. I have been long this stock since early January. If you look at today's action you should be buying this stock now if you were waiting for the breakout. The breakout is here and I am already in.
CNTF--I am currently watching this stock to purchase. A move above 18.40 would be the current buy point. However, I would like to see this stock base more for a better breakout.
ERS--I am already long and up 62%. ERS is too extended now and needs to form another base.
TXCO--I am already long. It is also too extended from its base and needs to setup in another base.
If you look on the top of my webpage you will see the box "search blog." If you click that, you will then see a search box. Type in the symbol at the front of the search box, press spacebar to seperate the words, and then press enter.
Great luck everyone!
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