Thank God For The Media! Without Them I Might Have Wondered If We Were Going To Crash. Fortunately, They Are Always Wrong, So We Didn't

Since the media was so sure Armageddon was going to happen today, I had a feeling things might not be that bad. After hitting the morning lows early on the Nasdaq, we spent the rest of the day biding time and not adding to the damage. The SP and Dow did slip further as the day went on but recovered to close where they opened. So, overall I give the market a standing ovation. The media almost had me convinced today was going to be ugly. The market, like always, proved them wrong.

Luckily for me I only pay attention to what the indexes are actually doing. I will leave the predictions to the folks who don't trade stocks for a living. So what were the markets doing? Today the heavy selling on the Nasdaq hit it for a 1% loss giving it a big distribution day. The SP also fell .4% on heavier volume, giving it a distribution day. However, both of these indexes felt the wait of YHOO and INTC as both stocks make up a pretty healthy chunk of both exchanges. To see what happened elsewhere, just take a look at the SP600, Russell 2000, and Semiconductor Index. Those indexes were all up and plenty of stocks still show beautiful charts that in those indexes.

The stock market is still in a rally but hopefully some profits were taken when I mentioned taking profits last week. If you did that you probably aren't that upset with this pullback. A pullback that we needed, I remind you. If, however, you did not and you got hit with some nasty pullback and they are down more than 8% from your original buy point sell your stock. There will be plenty of other opportunities to make money without "hoping" that your loser will "come back." More often than not, they don't come back.

Overall, I will say, once again, this market did fine today and gets my congratulations for not crashing like EVERYONE said it was going to do. The chat rooms were a fricking joke today.

No matter if it is Japan, YHOO, INTC, EBAY, AAPL, the inverted yield curve, the uncontrollable debt, or interest rate hikes, you just should not care about the what ifs, unless it can be confirmed with weakness in individual stocks and the index charts. The stock market will give you plenty of time to leave the party before the big selling happens. The more you waste your time being worried to death about crap that may or may not happen, the less time you devote to research to find the next big winners. I tell you what there was a TON of reasons why I should have sold BOOM BMD CERS BCRX VRTX MFLX NDAQ ASF etc. before they showed me the big profits this past year. Too bad none of those reasons were FACTS. The facts (price and volume/the chart) told me to hang on and I did. Soon the facts will show me to sell all of the remaining positions and when that happens I will sell. Until then I am still long and strong these great stocks.

Never buy or sell on tips, rumors, fears, or greed! Just do your own homework. You will thank me later.

New Swing Longs: TVIA MMUS FLML

New Swing Shorts: NONE

Longs Outperforming Market:ENER-35% RVSN IHS-27% THOR-80% KEYS AKAM-43% NTG LDSH-44% ASVI NGPS LIFE KNXA STJ RNOW-25% FFIV ADBE TMI VLG NVDA-42% MFLX-146% STMP VTAL VTS ASTE SPWR-27% FWLT-46% IKAN DRH VIMC AATI DESC BTUI-79% GIGM-61% TGC ANAD-99% BMD-313% NRPH-88% CPTS-34% ESLR-88% HOMS-31% LRCX IINT SVR-66% CNXT-44% BWNG RATE-88% ZEUS Q-26% CERS-196% AXE DDD-34% EMKR-112%

Shorts Outperforming Market: NONE

Stocks On Radar Screen: MLP BMI DFZ