Market Ends Week With A Last Hour Reversal; A Good Week, Overall

With Intel being the blame of the day, stocks reversed in the last hour leaving all the major indexes in the red. The Nasdaq was down .4%, the Semiconductor Index 1.6%, SP 500 .1%, SP 600 .3%, SP 400 .3%, Nasdaq 100 .5%, and the Dow Jones closed down .04%

Volume picked up on the Nasdaq, giving the index its second distribution day in the week. The volume on the NYSE was lower, relieving some pressure from the late day selling on the Nasdaq. Decliners beat advancers by a 9 to 7 ratio. But overall most stocks that declined did so quite orderly.

There was plenty of mixed feelings this week among buyers and sellers causing the markets direction to be quite confusing for the majority of traders. Though the markets may seem confusing there is still no broad based selling to worry about yet. As long as the market can shake this recent small selling off and keep rallying all will be fine. However, if we see some more distribution days step up I am afraid we will be in for more sideways action. I would think selling would bring out sideways action instead of a drop, due to the bearishness increasing and the bullishness decreasing for the past seven weeks.

So while there were tons of negatives, the market didn't crack. That can only be taken as bullish for stocks. Speaking of stocks--almost all of my longs had normal pullbacks on Friday and continue to act healthy (except for NOVL!)

Stay motivated, disciplined, and alert in this kind of market environment. It can be draining, confusing, and frustrating at times but the only way to plow through is by doing the former so to cope with the latter.

See you on Monday!

New Swing Longs: NEWP SSW NERX SIM

New Swing Shorts: NONE

Longs Outperforming Market: PAY-40% CRDN-77% BLD-34% TMI-26% PNRG-28% HEIA-34% GRS-116% TRCI CBG-97% OXPS-83% NGPS WIRE-134% EFII STX-33% IHS-28% RSTI-33% NNDS-25% ORA-69% FFIV KEX ADBE ICTG-64% TRAD-63% GOL-66% NVDA-64% MSCC-72% CKCM BEAS VLG SLW-102% SCHK-25% SLAB COGO ECLP IKAN-37% DRH MMK-25% FWLT-68% ALTU SEED PEC AKS BWNG-78% RNAI-51% HOMS-36% NENG SILC-132% MNG-133% JDSU-54% TSCM-69% RBAK-210% GNBT-96% TGE NTO-36% ACTG-30% TWTC-97% EFJI GNA CNXT-50% RADS CONR VTSS IED-81% SMSI AMKR-27% AKN TRO BGO-42% AUY-102% STTS STAA ENMC AX CVO-71% UBS NVAX CHRD PANL HSKA-25% BVX SWW

Shorts Outperforming Market: NONE

Stocks On Radar Screen: MLP FNET HEB LVLT ACUS LNUX ALA PT GSOL

Disaster Of The Day: NOVL--This sucked. This chart was so so so pretty. This really is disappointing. Selling remaining 80% stake at a 7% gain. The 7% gain was a 29% gain the day before.