The usual blame on why stocks go down was thrown around today, as the major market indexes all ended in the red. However, the selling was not that bad and the Nasdaq with the intraday support it has been receiving looks like it is finding support quite nicely.
The SP 500 fell .5%, SP 600 fell .4%, and the Nasdaq fell .1%. These losses were not bad at all, considering where we have come from since last weeks rally.
Volume was higher on the NYSE and the Nasdaq. The higher volume on the NYSE was not that much higher than its 50 dma and was lower than last weeks strong volume on the rally. The Nasdaq volume was much higher but that along with the intraday support shows me buyers were coming in to support stocks as the index nears its 50 dma. That along with the flat advancers to decliners shows that the market did a little better than the final figures told.
News headlines continue to control the market, according to the media. However, I simply see a steady uptrend since October. I don't see much else than that. So I am not sure why the media needs to always focus on the negative but I guess that is the easy thing to do. It is a lot easier to just complain about stuff instead of actually coming up with ideas on solving problems. For example, the Democrat party.
Even when things are good like this extremely strong economy, they would simply rather lie to you and tell you that the sky is falling. Shameful, selfish tactics that serve no ones interest except their own.
That is not how I roll. I simply deal with the facts and then follow through with the truth. That is why I do so well in the stock market. I deal with facts and truth. Not conspiracy theories and wishy washy Armageddon visions of the upcoming apocalypse.
That has been my method since I was 16 years old. Eleven years later it still is! You should try it, if you haven't. It is very empowering, dealing with facts and not utopian principals based on your ideology.
I have now owned over 50 stocks in the past six months that have given me 100% or more returns. How are the bears like Barry Ritholtz doing?
New Swing Longs: IFO PMTR MEND TCHC -- for more info on longs go to Investors Paradise.
New Swing Shorts: NONE
Longs Outperforming Market(number is % gain since initial purchase): ATHR-126 WIRE-172 PETS-120 SLW-131 RATE-177 ASF-226 BOOM-483 BTUI-160 MFLX-206 TSCM-101 TGC-226 NXG-169 RBAK-235 SMDI-107 VGZ-113 LCC-108 SIRF-144 ICTG-92 SHFL BWLD CAMP DECK AXE-37 ASPV IVAC-29 KNXA-70 EFII TTES STRL-38 SNDK NMR-41 STX RSAS ARS-62 PNRG-72 WF MTU VPRT CHE LRCX-40 CORS CYBS NCTY RAIL-71 EAGL-67 HOM-50 SPWR-45 RUTH MMK-40 GCA SA IIP-78 RADN-43 CUP IONA ALTI MSPD-32 BE SWW-35 CCI-80 SWIR-47 SMSI-62 CRUS MERX-45 WGRD OMCL RNT GNA-32 IGT HNZ SPSX-30 AIXD CNXT-65 RSTI-38 KGC-53 OPLK MNST-51 NVD SBAC-46 STKL-45 PEIX-85 KNOL-93 DB RCNI CHRK-29
Shorts Outperforming Market: NONE
Stocks On Radar Screen: HLF SFUN MANU MWRK
Time To Leave: MEK STMP
2 comments:
Hey, Josh, I was able to find your explanation for getting into BDCO earlier in the week on the Yahoo message boards. After three days of lower volume declines compared to the volume seen last week, could this be an even better time to "nibble" here with a small position? Or would waiting for some strength in the next few days be wiser? Any thoughts would be appreciated. What about CYMI and CPTS? Thanks for all of your work.
Dude I am sick of Barry Ritholz, what a knob that guy is.
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