The indices are holding steady but so far the early bounce attempt is weak. Breadth is running about even and the list of new lows is twice that of new highs. A slightly softer than expected consumer sentiment number didn't generate much interest.
Market players are obviously concerned about more selling and are waiting to see how well things hold up. The longer the indices can stay in the green the more likely buyers will start inching back in. There is a higher level of uncertainty and that is good thing in the longer run as complacency was quite high a week ago.
I've made a couple small buys and will be more aggressive this afternoon if the indices are in positive territory. One of my favorite trading stocks is iQIYI (IQ) and I've added to my token position this morning. I had a great trade in LiveXLive Media (LIVX) recently and I'm trying that again as it moves off support at $6. W&T Offshore (WTI) has been my go to oil and I added to that position this morning.
I'm not convinced that this selloff is over so my buying is very limited at this point. My cash levels are around 70% or so and I am in no rush to put that money to work.
Get an email alert each time I write an article for Real Money. Click the "+Follow" next to my byline to this article.
The social media company's stock already has tripled in value since late last year, and a modest correction could be at hand before its shares renew gains.
Let's check the charts and indicators because I am pretty sure Warren Buffett is not a chart reader.
Real Money's message boards are strictly for the open exchange of investment ideas among registered users. Any discussions or subjects off that topic or that do not promote this goal will be removed at the discretion of the site's moderators. Abusive, insensitive or threatening comments will not be tolerated and will be deleted. Thank you for your cooperation.
If you have questions, please contact us here.
Email
Email sent
Thank you, your email to has been sent successfully.
