Three of the best performers in the entire market over the past few months that I have been discussing in this blog are: PCYC SGEN SMBL. As the market continues to attempt to transition out of a corrective phase and back into a healthier one, chasing extended stocks carried much more risk than usual. Today, all three are seeing steep pullbacks, namely PCYC.
However, all three continue to have impressive daily charts, and this bout of aggressive profit-taking should be welcomed by patient traders who are waiting for better spots to allocate capital. What you are now looking to see is all three of these stocks see the selling taper off in the coming days, reset their charts with a tight base and eventually turn back up with strong buyers. That would represent a much better entry point, in all likelihood. Of course, seeing the broad market stabilize at current levels is important as well.
Nevertheless, these three have flashed major signs of being in demand, even during an 11% broad market correction earlier this summer.
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Damn, nice eye!