Stocks Head South...NASDAQ Leading The Way
Stocks moved lower for the fourth consecutive day with NASDAQ stocks getting hit the hardest. If you look at the above chart, you will notice the ratio line ( NASDAQ vs S&P) is moving lower indicating that the NASDAQ is now much weaker than the S&P over the past several days.
A few days ago I posted some comments about how the NASDAQ was the strongest of the major indices but as you can see technology stocks are now being dragged down by the rest of the market.
As of now I have no position in the stock market and many of the strong stocks and groups that were on my potential buy list are rapidly disappearing as they too are being pulled down with the market. I'll remain on the sidelines for awhile.
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2 comments:
I wish I would have read your post earlier in the day. I forgot we had 4 straight down days. One of my most successful trades is to go long qld and sso at the close of 4th day down and sell at close of next day. Especially during options expiration. Would have worked great today. What do you think about shorting China and emerging markets using the new FXP and EEV if FXI EEM cant close above 50 and 30dma?
Thanks for your work
I'm really not looking to short anything right now...I'm still looking for reasons to buy...
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