Stock indexes did their best to make sure traders got plenty of rest during the day, today. This was another boring day in the middle of what sometimes can be a very exciting dramatic summer stock market.
The SP 500, Dow, and Nasdaq all moved .14% or less. The SP 600 led to the downside, losing .9%.
Volume was lower on both the NYSE and the Nasdaq. Decliners led advancers on the NYSE by a 10-to-7 margin. Breadth was negative on the Nasdaq by a 5-to-3 margin.
The war between Israel and Hezbollah is still, as should be, dominating the headlines. The good news is that we did not see more selling off today as a result of this conflict. However, for the near future, this story will probably dominate the headlines over any earnings and Fed report.
This market sure lacks good news. If you are a contrarian that should be good for a short term bounce. If we get an oversold bounce or not it doesn't matter really. The big obvious trend is down and the big money is made riding the big trend. So any oversold bounce should just set some stocks up for good short sales.
This is still a very nasty market and traders should not be taking any big new long positions since 75% of all stocks follow the market. The trend is down and that is enough to know to keep the powder dry.
Stay positive and keep cool. Things will change. Maybe not soon but it will change one day. Use this time to educate yourself and review your trading during this downturn so you know next time NOT TO TRADE when you are not in a bull market!!!!!
New Swing Longs: BIDU JTX
New Swing Shorts: AME C
Longs Outperforming: SMSI-60 ABI DGX RNST BWP ABFS LMT UARM CXW TIII ATML
Shorts Outperforming: CRXL SWC JOYG BPFH USG ELY WSM RTP RES IKN VCG ZRAN MAFB BBBY XNPT PBE NAFC ULTI CXG EWG RCNI POOL UPL DB EWQ PWC VO OPTN IYT TM SUPX NTE WFSL PDCO
Stocks On Radar Screen: TTG
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