Market Recap:
A few analyst downgrades (MU, INTC) earnings pre-announcement warnings from TRW, NDB, ZOOX, SFAM, MPWR and a law suit against MPPP after the biggest August rally in 12 years was enuf to set the stage for a down first week in September. This is traditional a bad month for techs as weakness held in the first 6 sessions, Nas Composite down 5.0% on the month after losing 3% Friday and closing at session lows. Money had to go somewhere and it did, leading sectors on the session were utilities, food, financials, and retailers while techs, oils, and industrials were weaker. Volume slipped 8% on the NASDAQ and 2% on the NYSE.
The trend is your friend, so follow the smart money...else sit on your hands if you are in a particular sector that is moving south. Let the market tell you when to get back in. Learn how to short and get an account that allows this type of trading, without which you are missing half the mkts potential.
Nice to see some new and old faces around here, this is just the beginning...
Trade smart,
Sharck |
