I’m keeping my eye on the market ETF’s like DIA and checking to see the volume. I don’t see any panic today and we’ve had plenty of minicorrections only to have shaken out bulls have to get right back in. The QQQ’s look a little more disturbing as the pullback volume over the past 4 weeks has been elevated.
Cases can be made for either direction. Gold avoided a break lower by moving up a tad today. Kinky stocks are getting slapped around and the trend I mentioned 2 days ago where good performance is over-rewarded and bad performance is slapped, BODY is today’s poster child – forecasting negative comps (comparable store sales) which is terrible poison to any retail/restaurant stock – as it fell over 40% on sour news. Are these moves up or down justified? I don’t know I don’t have a full fundamental write up on all of these stocks but it makes investing in individual securities much more “interesting.”
Let’s see how today ends – silver lining; those of you focused more on income as we have discussed here in past weeks have held up well.
I or my clients own the following positions mentioned in this column: NONE