Mike
12-27-2012, 12:13 PM
Yesterday we saw technical distribution largely because of the half day comparison. Still it looks like followup selling today. Volume is running around 20% higher then yesterday on both exchanges.
We saw an S5 close below the 21-day sell signal on the NASDAQ dropping the exposure count to +2 (55%). We are slicing the 50-day today on the NASDAQ, S&P and the Dow. IBD placed the market "Under Pressure" yesterday which this morning looks like a good call. Leading stocks are being hit harder than the general market. We seem to be 100% news driven so anything can happen but it is looking like the rally is over and possibly IBD will announce market in correction after today's close.
I shorted BIDU early this morning.
I saw Ed Hornstein's note about Amy Smith's book (How to Make Money in Stocks Success Stories) so I ordered it today. There is reportedly some sections about some of my trades and lessons learned in the book. Gil Morales / Chris Kacher's new book is out also so I ordered it too.
We saw an S5 close below the 21-day sell signal on the NASDAQ dropping the exposure count to +2 (55%). We are slicing the 50-day today on the NASDAQ, S&P and the Dow. IBD placed the market "Under Pressure" yesterday which this morning looks like a good call. Leading stocks are being hit harder than the general market. We seem to be 100% news driven so anything can happen but it is looking like the rally is over and possibly IBD will announce market in correction after today's close.
I shorted BIDU early this morning.
I saw Ed Hornstein's note about Amy Smith's book (How to Make Money in Stocks Success Stories) so I ordered it today. There is reportedly some sections about some of my trades and lessons learned in the book. Gil Morales / Chris Kacher's new book is out also so I ordered it too.