With the volume so low, it is hard to truly say the market is going down from here based on our indicators. But, we have to take them at face value, so since the internals continue to deteriorate, along with the screened stock ratio at 1.6 to 2.8 favoring selling, now negative, we need to move back into "lite" mode and see how this plays out. With continued weakening in internals and negative screened stocks ratio, the market risk is now high. We should have some long plays, as well as shorts today, but in either case I would be cautious. As we have seen there will be plenty opportunities in days and weeks ahead, just hang onto that capital.
Note that we stopped out of VSAT, as well as everything we bought last Friday. I was hoping for more of a correction...but dang not in the stocks I had just bought <g>.
Long: AAI, ALL, AYE, DRMD, JNJ, MNTG, OEI, XRAY and VSAT.
Short: AAPL, BEAS, DDS, DHI, FAF and ORCL.
Good Trading!!
Sam
savvy-trader.com |
