The four liquid growth names of momentum earlier summer and fall, FB LNKD NFLX TSLA, are under heavy pressure today, while biotechnology stocks in the IBB ETF are working on a bearish outside day after yet another snapback rally.
Even the suddenly-chic financials are reversing course into the late-afternoon portion of trading, as breakout plays remain fairly lethargic. In addition, emerging markets are starting to succumb a bit after their impressive strength earlier.
Parabolic movers like DDD are turning in high volume reversals, to boot.
As I mentioned this morning, we have been here before. But that does not make it any easier to play, since just assuming bulls will save the day again is a dangerous strategy.
I am still very cash heavy due to these reversals, narrow pockets of momentum, and leaders struggling.
So what happens,when momentum, or the Big Moe, stops serving?
Stay tuned for my video market recap after the bell…
http://www.youtube.com/watch?v=9NEd3zUzEyU
run run ruuuuuuuuuuuuuuuun! crazy action ins tsla, fb, twtr, yelp, scty
Lots of selling…
I’m pissed. JASO was just setting up for that run above 12.80. What a bummer. Here I am with an empty bag.
Still in a strong uptrend. Wouldn’t call it an empty bag.
Thanks for the optimism chess! I’m going to go make a sandwich now.
Just keep that stop-loss in there and respect, I suggest.
Every breakout above some new magic marker line in the market has been a fake breakout, but what you are seeing is industry rotation, not widespread material selling
Easy. Homer gives away the recipe to the Flaming Moe.
LoL
Carl Icahn must’ve loaded up on them puts.
It’s a joke that he can cause the entire S&P…500 friggen stocks… to drop 12 handles with a couple words.. lot of weak hands in this market..
Lots of ways to interpret it. I’m sure he was talking his book.
INDY very bullish on india ..long from sept…more upside
Nice one, gator.