Market Assessment
Not good.
As the indexes below show, yesterday's tech strength wasn't maintained.
the highest sub-sector performance was in Luxury Goods, and that was
a lousy 2%. All sectors were negative.
With the exception of the dozen under $1 tickers in the microcap account,
I now only hold 8 stocks. Three of those I may exit tomorrow. However, I
would like o point out that the primary reason for being out is to have
cash available to pick up stocks that may just locally reverse. I do not want
people exiting their positions based on my or anyone's assessment. The
indicators I use, although fairly accurate differentiate more in terms of
market swings on 15 day and 30 week cycles. The 30 week indicators
have been known to lead the actual market by as little as a day and as
much as 10-12 days, and usually the later. I designed it that way to give
me time to exit. Having said that, the market still looks like a its started
the correction. Please set stops.
INDEX
SYMBOL CLOSE CHANGE CHANGE % NAME
CRY 224.140 -1.960 (0.87%) Commodity Research Bureau Indx
DJIA 8,370.100 -40.100 (0.48%) DJ Industrial Avg (Actual H/L)
IND 8,370.100 -40.100 (0.48%) Dow Jones Industrial Average
NCM 1,738.710 -13.050 (0.74%) NASDAQ Composite Index
RUT 454.300 -1.990 (0.44%) Russell 2000 Stock Index
SPX 1,030.560 -7.580 (0.73%) S&P 500 Index
TRN 3,418.840 -78.670 (2.25%) Dow Jones Transportation Avg
UTL 268.220 -0.580 (0.22%) Dow Jones Utilities Index
XAU 68.920 -0.680 (0.98%) PHLX Gold/Silver Index
XOI 445.410 2.610 0.59% AMEX Oil Index
Additionally, the negative intraday range and collective drop of 5 of the 6 funds
listed below hasn't happened since last October. Individually, however, all
of these have generous 30 day gains of almost 10%, and we know none of them
would sustain that for the year (equates to 110+%).
MUTUALS
SYMBOL CLOSE CHANGE CHANGE % NAME
BIGRX 25.890 -0.110 (0.42%) BENHAM INCOME & GROWTH
FMAGX 101.620 -0.810 (0.79%) FIDELITY MAGELLAN
JAMRX 18.270 0.060 0.33% JANUS MERCURY
KAUFX 6.710 -0.020 (0.30%) KAUFMANN FUND
PBHGX 26.330 -0.250 (0.94%) PBHG GROWTH
VPMCX 42.880 -0.430 (0.99%) VANGUARD PRIMECAP
TOT/AVG 36.950 -0.260 (0.52%)
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