No positive way to spin this market – especially for trend followers. Those stocks not yet broken, are close and I feel like the few positions I am left with are ready to break. The new-high list is pathetic. We are getting a nice bounce today, but gold and oil stocks show little bounce and they have been the leaders of late. I am not excited about this rally. I still believe the FED is likely to start cutting soon.
The good news is that I have plenty of time to look at new projects and catch up on paperwork. I will head over to the new Apple store on Madison Avenue this afternoon to check it out and see if I can get inspired.
The best trends are on the downside. Internet stocks are just so out of favor. Today’s poster child for BEATING is Yahoo. This stock has long been broken and it is down 15 plus percent more this morning. Truly for the bold bottomfishers now. Not me.