-
7-7-15 comments
The IBD Market School Exposure model went into correction this morning. I suspect the IBD big picture column will do the same thing in tomorrow's paper. The buy switch has been on since October 21, 2014 so this is a significant event. The other measure I have had is the S&P500 trading above/below its 120 day ema. This has been a major support line in the past. It is now below and the S&P is treating the 120-day as resistance. The sell off looks like forced high volume selling to me probably pushed by margin calls.
I will be buying nothing in the coming period and selling positions if they look like they are failing. I sold SWKS this morning at a small profit. I also decided to take profits in AZPN. I still hold EPAM as it is acting well.
-
1 Attachment(s)
Thank you Mike for this analysis.
I am more "short-term" oriented, but still see no cause for buying here.
It seems that a Buy Oversold signal has chances to be triggered somewhere down the road. I would say probably next week.
In the mean time, My NTI long is not sinking and as oil is under pressure, refiners should get some support. This is a great position to hold against a general market short.
Pascal
[ATTACH=CONFIG]31054[/ATTACH]