I Guess It Really Was That Bad
May 21, 2008
I am not panic selling ANYTHING! But there is no doubt today’s action is negative and does hint that the uptrend very well could be over already. However, like always I wait to make my decision after all the data from the close is in. That will not be for another few hours.
No matter what, though, I will be locking in gains in a lot of stocks that initially have made big moves but have given so much back in a few short days that we must protect some gains just in case they become losses. So there will be a lot of selling tonight but if I am long a stock and it is still in an uptrend above the 50 day moving average there is no way I am going to sell it all.
Is this action disappointing? You better believe it is. Am I surprised? No. I have been telling you that there are no more perfect charts, have warned you about all the perfect charts turning into mediocre charts, and have been complaining about the low volume rally.
My only fault is having hope that a low volume rally could turn into a higher volume rally. I hope this is only a blip but, dang it, since the blip is happening right here after we started to get some nice gains it makes it pretty disappointing. I know I am bumming over today’s action. A lot of gains have slipped away and discipline that has allowed met to hold stocks for HUGE GAINS, unlike ANYONE I have ever read on the internet or have met, is also hurting me now as those gains are proving to be short lived.
Right now, things look depressing, but after going over my charts I will return with another in-depth market commentary. For now, I am bumming knowing that the short rally could be over. However, this could turn around tomorrow and we might be back up 1% on the Nassy, 2% on the IBD100, and 3% on the SOX. That is why you MUST remain neutral with your market opinions right now. Take each stock on a case by case level. That is what I will do tonight.
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