A late day selloff in the final 30 minutes caused the markets to close down across the board. The markets were all lower, with the Nasdaq down .2%, SP 500 down .4%, SP 400 down .3%, SP 600 down .2%, and the DOW leading the way with a .6% loss.
Volume did come in lower across the board, indicating institutions were not dumping shares after the rally. Instead the markets continue to rally, however small, on volume then pullback on lower volume. That is a good sign for the health of this market. Overall, a normal pullback on another crazy day on Wall Street.
More stocks showed up on my screen today that are breaking out of very sound chart patterns. That along with the leaders still holding firm and new highs troucning new lows on the indexes shows the markets underneath bullish bias.
I am still bullish on the overall market, following the follow through by the Dow Jones Industrial average and would like to thank the media for creating that bearish backdrop that helps stocks climb the wall of worry. Investors Intelligence numbers came way down yesterday, as I posted on my blog, and that makes me feel even more confident that this market should have legs.
Either way at the same time I know momentum is slowing but it has not slowed yet. Until it does, ride the trend. The trend is your friend and the trend is up. Please, read my last 3 post to fully understand where I stand on the current market situation.
Stay disciplined and great luck out there!!
New Swing Longs: DECK PANL SEED GNA STXS A ATRM CHRK. For more information on these longs go to InvestorsParadise
Scroll down to professionals and click on Josh Hayes. There you will see the thread "longs." Scroll down and have a look.
New Swing Shorts: NONE
Longs Outperforming Market: VRTX-212% MEK LCC-69% CKCM NNDS-27% ORA-52% TRCI ATHR-68% CRDN-63% SAY-28% LCRD-75% STMP-32% PETS-136% FFIV CHE PKE CIB-37% KNXA-29% MDCC-44% WIRE-110% KEX SURG TMI KLIC-33% ADBE VIMC SPWR-39% FWLT-67% QCC PEC UEPS IED-77% ECLP KNOL HOMS STKL AMKR TSCM-65% BWNG-42% ARBA BEAS MT NOVL-32% TXI AX GSIG GRS-94% MRB-65% AKS ASTE MNG-83% RITA IDEV RADS JDSU BAM HSP-34% DB MEL RSTI-30% RDCM-38% ICTG-43% BLD SMF
Shorts Outperforming Market: NONE
Stocks On Radar Screen: ALTU CCO
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