Thursday, April 10, 2014

Leading Growth Stocks Crushed Market Sets New Correction Lows Take Friday Off

The low volume rally attempt over last two days was suspicious, and the market confirmed that today, selling off over 2% in heavy, above average volume. The market opened slightly down, and sold off relentlessly for the entire trading day, barely able to catch its breathe. Clearly not the action bulls wanted to see.

Leading growth stocks were so weak, the bears couldn't even muster trapping the bulls, fake breaking out the few setups that were ready, during the little, early strength. Only a handful of leading growth stocks are still holding tight, with the rest in need of a few weeks to digest the heavy selling. At least, none are in bearish patterns, worrying us about a bear market, and continue within normal correction levels.

After today's carnage, tomorrow, Friday, is a good day to take off, and start a long weekend to digest the erratic trading action over the last three weeks. Don't worry about missing any trading activity. Clearing our minds is more valuable then a day of stressful, potentially profitable trading. Outside of a day trade, cash is an excellent position, shorts are a risky position, and longs are just suicidal in this market over the next few days. Seriously, take a long weekend to unwind, and come back next week ready to put together a battle plan for the next rally, after the correction. Prepare!!

Review recent blogs, leading stock analysis, and short ideas, for all our thoughts and trading ideas over the past few weeks.

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