|52 Wk Low/High||/|
There is no question that we are becoming extended and ripe for some profit taking.
Right now the buyers are reluctant to dive in and chase strength.
Wall Street discounting talk of bombing Syria from president.
Doing a little digging finds some very interesting names showing signs of continued vigor.
4 stocks on my shopping list for when conditions improve.
Selective stock picking continues to be rewarded but the key word here is 'selective'.
This market needs a rest and the action in individual stocks looks weaker.
If you are going to try to jump in here you have to make sure you are finding prudent entry points.
I think we'll probably see some shifting in the tariff policy over the weekend, giving the market some relief.
The inconsistency makes stock picking difficult, but there are buying opportunities because of it.
The nice thing about earnings season is that it benefits stock pickers.
But I'm managing positions carefully and don't trust the upside momentum very much.
We had a technical breakdown on Tuesday, an energetic recovery on Wednesday and now things are breaking down again.
These are not the sort of numbers you would expect for a market that is near all-time highs.
Most of the stocks in the sector have bounced and are trading near intraday highs.
There is no direct correlation between news events and market movement.
My game plan is to target a few of the big-cap momentum names that I feel have the best growth and valuation.
The normal chart patterns don't operate like they have in the past.
Historically, the day before a holiday often has a positive bias, but the algos have killed emotion.
This market is still supported by resilient dip buyers, but it's unattractive to the initiative buyer.
Recent pattern has been weak mornings, strong afternoons.