Tuesday, June 04, 2013
Stocks Fail to Convert on Turnaround Tuesday falling on light Trade
For the first time in 20 tries the Dow Jones Industrial Average fell on a Tuesday. Volume came in considerably from Monday’s level, but institutions weren’t keen on bidding up US stocks on volume following through on Monday’s gains. The market appears to be awaiting the jobs report on Friday. In the short-term we are seeing quite extreme oversold readings but we know this can continue into even further extreme conditions. Today’s move is certainly not what we want to see from this market. This uptrend is under pressure and we’ll need to see a powerful bounce to shake this market avoid any further destruction. Stick with the Big Wave Trading process and you’ll breeze through this market with ease and gains. No matter the direction you’ll succeed. Stick with cutting losers and stick with your winners.