End of the Day

QQQ’s down on big volume, DIA also down on higher volume – a few people sold into the close as markets hit their low at 4PM

This doesn’t bode well for longs -however, the charts for QQQ and DIA look similar to two other recent mini flash crashes on 3/5-3/6 and 4/23-4/24. We will have to wait for confirmation though I will say that commodity charts are confirming a downtrend  – for ETF’s the oil, gasoline, some agriculture and industrial metals look bad with gasoline and heating oil breaking down – as is oil.

I’m keeping stops tight, reducing or eliminating trades and reviewing markets this weekend for next week’s action. What’s your plan? Are you simply holding your long term picks, adding on weakness or are you reviewing your charts for long and short candidates? Whatever your plan is, it better have some conviction next week and a plan behind it.

I or my clients own the following securities mentioned in this article: None