Evening folks! hope everyone is having a great day. Down day in the markets killing the confirmation of previous breakout. Even though we are just a 1 percent off yearly highs lot of the leading stocks have been getting taken out 1 by 1 starting with the refiners down to CREE, LNKD, NFLX. I’d be careful holding any stock that has had huge momentum is extended. Underneath the hood of the market breadth has deteroirated the last 3 days to at least give us a warning sign. The indexes on a technical level are not damaged except the russell2k but Breadth tends to foretell moves before the market does so give a little pause. Ive been down now 2 days in a row which is very rare in 2012 that happened only twice so I will be taking it easy and cutting my position size a bit to get some risk off the table and bring my momo back. Ive suggest if you have taken losses in the last couple days to do the same. Ive seen it a million times what takes 2-3 months to build up your account can be wiped out with a quick losing streak in days as bull markets build bad habits in all of us and tend to get us aggressive with our position sizing. Good time to scale bck for a few days and see how things shake out.
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Our new addition to the chatroom is pretty sweet. On top of our regular chatroom we have always had you can now pop up a widget that will have me and big willy
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while its happenign is really a great learning tool.
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