We have a case where selling begets more selling in the stock market over the past few days, as the bears have finally started to seize some control. The dip-buying mentality is being punished, which will, ironically, help to set up better dip-buys in the future. With 1330-1332 on the S&P 500 lost, we are now back in trading range mode, looking at the 1300 area as the lower end. In light of this development, a heavy cash position and a truckload of patience are probably good bets here, until the dust settles.
NOTE: Check out PPT standout subscriber Marc David’s ad off to the right of your screen. More on this later.
Thanks Chess. Good advice. Rumor has it that if you join 12361 you get Mark’s program at a discount or part of membership. LOL.
I like that idea!!
Join 12361, get an hour with the babeness on the left. or right if u swing that way
LoL
Tell MDA I expect a royalty for using my photo!
lol nice
Hey Chess,
I had asked you about ALKS a few weeks ago when it was forming a bullish wedge at the $14 mark. Well, a lot has happened since then (they’ve been upgraded and they’ve merged with drug manufacturer Elan), and the stock is up a smooth 30% over that time period.
ALKS is set to release earnings after the bell tomorrow. Given the recent run up and the market, would it make sense to sell my position here? Even though I like the company and their recent moves, I think that earnings (regardless of how they report) could be a reason for shareholders to sell, and I wanted to get your take.
Thanks as always!
I would sell in front. Good job.