Can you believe it! We did the exact opposite from the day before. Shocking, I know. However, today's decline was the fault of home sales, oil, rates, and inflation, according to the morons in the media.
The Nasdaq was down .1%, SP 500 down .3%, and the DJ down .4%. The SP 600 and 400 rose .3% and .1% respectively. Not a bad day, not a good day, just another day of one up, one down, one up, and one down.
Volume was lower today and breadth was pretty much flat on both the exchanges today. Basically this tells us that the market was not active with buyers or sellers and was just another day of biding time. Biding time till what? Well, the media says it is the FOMC meeting. However, don't we already know that rate hikes will be raised again another quarter of a point. Oh well, you got to have a reason, I guess.
There was some positives to go along with the red closes on the Nassy and NYSE. The Semiconductors and Internet stocks did real well today and most of my charts continue to act really well. That to go along with what I saw in GOOG's stock tonight tells me that maybe we could see a bid tomorrow.
So the market is just drifting and showing a lack of excitement. That is enough reason to cause new traders to keep powder dry. It is best to operate when the markets are in an obvious uptrend and there is a clear advantage. Trading just to trade is a sign of ignorance and immaturaty. Especially when there is this much rotation going on among all different sectors.
This market has been confusing for everyone. I am no exception. Me, bulls, and the bears are all confused and do not know which way the market IS going to go. They may tell you they know but NOBODY knows.
Since we were down today, we should be up tomorrow. Down, up, down, up, down, and up. Please, read the past ten post, to get a really good idea of where we currently stand in the stock market. And that is all you really need to know.
Good luck I shall see you on Friday. It is Thursday. That means only one thing. Sansei night!!
New Swing Longs: CRXL FSP
Adding To Long: SLAB -- To read more about these longs go to Investors Paradise and click on Josh Hayes then go to 'longs.'
New Swing Shorts: NONE
Longs Outperforming Market: XRTX-57% IVAC SLW-123% ORA-70% ERS-173% PNRG-36% NGPS MORN WNR VTS CYBS CLZR-42% LCRD-97% WIRE-121% PETS-156% STRL COGO-28% STMP-45% NVDA-67% BBC DECK CTXS-37% RSTI-30% FFIV-25% TMI-26% CBG-102% BWLD FRGB CIB-42% UIC-41% ATHR-101% RMBS STX RUSHA NTAP RAIL-73% BOOM-386% PEC VIMC-84% PKE MDCC-44% LTM MMK-29% FWLT-62% GIGM-97% GNBT-142% SATC Q-52% CDE NTO-49% HOMS AMKR HOM AIX PWR WTSLA SMSI-33% COMS TXCO-51% GEMS AUY-84% TXI IIP EDS TWTC-107% MERX BWNG-125% TYL BFT HTI BEAS
Shorts Outperforming Market: NONE
Stocks On Radar Screen: LVLT HWAY CRUS TXCC DITC IG
Retreat! Retreat!: IMGC BOT
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