Earlier on Wednesday’s video market recap, I noted that the shocking lack of bids in the market warranted at least considering that we might need a few bloody days before arriving at a true tradable bottom. The good news for bulls is that sentiment seems to be finally shifting back towards the bear camp in a much more pronounced manner than what we have previously seen since the correction began. Betting on mimi-crashes is an extremely difficult proposition in terms of getting the timing down, let alone actually seeing the rare event transpire.
Thus, I continue to keep an open mind here, looking to pick off shorts here and there, all the while building a list of stocks holding up extraordinarily well during this correction. In my view, the leaders for the next leg higher of the bull (assuming we do not fall into a bonafide bear market) will be those fast-growing firms building bases right now in a rather orderly manner, while former leaders fall down the other side of the mountain. Instead of getting caught up in the emotion of trying to catch each opening gap higher or lower, I suggest the exercise of combing through charts to find such leaders. If and when the market actually bottoms, the likes of AMZN DNKN MIDD PCYC SGEN TRIP WFM may very well turn up first and lead the charge.
Inside the 12631 Trading Service here at iBankCoin, I am compiling a more extensive list for members on a daily basis. If the market bottoms soon, we are in a great, cash-heavy position to turn on a dime and prosper like we did at the beginning of this year. On the other hand, should we continue to drip lower in the manner which we have in May thus far, the defensive posture keeps our portfolios protected and our mental and emotional health sound.
We have recently received some fantastic testimonials from current members about our service. Please click on the 12631 hyperlink to see the testimonials (scroll down after my video and the description of our service) and join the best atmosphere and community for traders on the web.
That is a deadly tool kit you’ve got there