There are a number of things that I didn’t like about today, with the top of the list being that my market timing signal gave a preliminary sell signal. The signal needs tomorrow to confirm to avoid any whipsaws and I’d say the odds are very high that I’ll be short some contra etf’s by tomorrow’s close. About the only way this scenario doesn’t play out is if we get a significant rally.

  • RSI on 60minute dipped below 30
  • Zero results on my primary bullish scans
  • Inability of the market to bounce at critical support levels
  • All leading stocks on my watchlists fell

Best performing sectors:

  • Trucking Index +2.53
  • Distillers & Vinters +1.36
  • AMEX Airlines +1.24

Worst Performing

  • Aluminum -5.90
  • Exploration & Production (Oil) -3.51
  • Coal -3.09

Related Posts:

Sentiment Charts Not in Bull’s Corner

Strong Case For Bulls & Bears

Failure to Hold Gains Is a Concern

Leave a Reply

You must be logged in to post a comment.