That was a surprise as yesterday the market turned sour and had a nasty day with it opening down and continuing down all day.
A 2% loss in general and discouraging economic news is cited as the reason. This quickly turned IBD's Outlook back to Market in Correction.
Unfortunately for me, I bought some stocks at the opening, ...at least it looks unfortunate this morning. I will post the details of this in the weekend review.
What to do now? ....follow the box theory: When to Buy and Sell and The Box Theory
Wednesday Addendum: Tuesday's follow-through rally in higher volume has changed IBD's outlook to "Market in Confirmed Uptrend" ...but I still want to be cautious as they point out the market is and can expected to be choppy in the third year of a bull market.
I would like to add to the ETF positions, but may wait a bit, have been wanting to pick up AMGN and AXP, perhaps a good time for that, but what about LULU and isn't silver moving again...more thought required
A Busy Memorial Day, but not to busy to reflect and be thankful for those that have done so much in service for our country.
So what did I see in my weekend review?
IBD (Investor Business Daily) continues their Current Outlook: Market in Correction.
I continue to watch the top stocks in the IBD 50, but will hold off from adding any positions for individual stocks until the "Correction" is over.
LULU as been number 1 in the IBD 50 for a long time ….and why not, a very popular trend.
Monday Addendum: IBD notes:
Monday Addendum: IBD notes:
On Friday, Lululemon Athletica (LULU) was a notable loser among top-rated stocks. The seller of high-end workout clothing lost 2% in fast trade. It finished under its 10-week moving average for the week — the first time that's happened since September. Lululemon lost 6% in strong volume on Thursday, as it was hit by a downgrade to "underperform" by FBR Capital Markets.
My interpretation of the Copernicus Systems is to see mixed signals, but the one I am currently focused on is to be long the market. I will not very long but will continue with some ETF’s in a “half position” fashion as will be explained below
Last week I said I would take initial positions in IBB and HHH and possibly follow with EWY and EWG . I did not do this on Monday as is my usual practice but later in the week and I picked up all four of the ETF’s in half of the amounts that I had allocated for this… I will not add to these positions yet, but will simply hold
A number of stocks continue to look good. I will not list them all, but AMGN and AXP highlighted last week continue to move up in rankings, so I am interested…but only watching for now.
Currently my "Stocks for a Trade" now consists of:
ETF's for a trade are:(Gains shown are the total since purchase)
GLD 6.68%, second purchase 3.03% …helped with a nice gain for the week
EWY 3.92%. …very nice start for the first week
HHH -1.57% …an initial loss, never nice to see , but I will be patient for now
Have a great week.