The past 3 days there have been only 68, 64 and 51 new 52 week highs. This is not a market for profiting from buying stocks at new highs. The put/call ratio on Wednesday was 1.03, suggesting we may be getting close to a bounce. But a lot of my break out stocks have failed to continue their rise. I am getting stopped out and more defensive.
22nd day of $QQQ short term up-trend; market showing inner strength
Given the news, the market had every reason to decline on Tuesday, and it didn’t! Even AAPL held up after its product announcements on Monday. The reaction to the news tells one a lot about the internal workings of the market. With end of quarter mutual fund window dressing upon us, the recent winners may shine through the end of the month.
21st day of $QQQ short term up-trend; $SQ rocks!
Look at SQ go! See Sunday’s post.
