Hi-

Most CANSLIM-style traders suggest that one first and foremost focus on the leaders. Which causes many to ask -which names are the leaders? I use the the +90 names from the +511 Club as my leaders. These names shift some on a day-to-day basis with names coming on and off the list on a particular day, but everyday, I put these 10-20 names into a watch list to see how they perform throughout the day. To me, that is focusing on the leaders and its relatively objective.

Last Friday morning, all the +90 RS Names were Red for most of the morning, and I was concerned and started selling the weaker names and reducing. Around noon on Fri, the market turned to the upside, and I added some back on. By EOD, the +90 names were about equally split between red & green - IMO, this was borderline unacceptable price action from leading names.

Today, all the +90 names opened red (except LIFE) and increased losses throughout the day. In particular, 16 of 20 +90 RS names were down more than 2%, and 8 of 20 were down more than 4%. I view this as very negative price action by the leaders.

I am about 25% long, but prepared for more downside in the days ahead.

Take care,+511 Club's - Apr 16, 2013.xlsx

Shawn