Sellers stepped up to the market's doorstep today as commodities took another hit. Crude oil and precious metals led the market lower as the US Dollar rallied. Volume increased from Friday's level but finished below its 50dma suggesting the selling was far from panic selling. More importantly many leaders were able to find support at key moving averages but a few were hit hard. The market did see a lift near the close but is was far from a strong close like we have seen in the past. Nonetheless, the day was not a positive day for the market but wasn't damaging enough to end this uptrend.
The market might be teetering on the brink of another decline, but it was positive to see many leaders find support at their moving averages. So long as these leaders hold these areas and do not continue to break down this uptrend will remain in tact. It is important that the market leaders stay afloat as it will be the tell of the market. Selling can not continue in the market leaders and it will be important that we pay attention to them. If we can see buying interest show up for the market leaders look for the rest of the market to follow through on the buying.
If you are carrying losses greater than 5% at the moment you must take a look at your purchases. Most likely you are getting in the game too late. It will be important for you to cut those losses fast as they can turn into MAJOR losses rather quickly. The number one way to protect yourself in a market moving sideways waiting to break in either direction is keeping your losses small. By doing so you'll keep your powder dry in the event the market moves higher and you can jump into the leading stocks.
We are in limbo as the market looks a bit tired, but at the same time all signs are not pointing down. There are pockets of light. It is the outmost importance that you maintain a positive attitude and a bright outlook for your future. As my mom and grandmother would tell me "postitive things happen to positive people." In a way it is a self-fulfilling prophecy. I am a firm believer in keeping a positive, can do attitude in the market to keep you afloat and in the game.
I am certainly in the "wait and see" mode as we can break either way. If the leaders are sold off once again, then we'll be waiting for another follow-through day to occur. On the flip side if the leaders get support it'll keep this most recent uptrend in tact. Regardless, we'll be on top of the market in either direction.
Remember to always keep your losses small and to keep a positive attitude. There is nothing more important than your emotional balance in the market. Otherwise you could lose your stake. Stay focused and positive!
top longs/(shorts) w/ TOTAL returns making me money on MON: SIGA 45% ATSG 63% ISTA 59% AVNR 61% CYCC 30% SOL 78% PONE 27% PTN 25% RODM 32% ALTU 73% ACAS 27% NAVI 47% GLUU 22% NAVI 47% ACAS 27% ALTU 73% SURG 35% (CYT 60%)
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