Sunday, July 10, 2011

Market Direction is Mixed

Last weekend I said the market had turned and for most this past week that did appear to be the case. Even with the pop on Thursday and subsequent drop on Friday a nice gain occurred for the week…a good portion of it on Monday morning.  I hope we see a nice pop on this Monday as well

Trying to get the bigger picture I looked back and it appears that since mid February the market has actually been going sideways but with some significant up and down cycles. Will this continue? …hard to see that anything has significantly changed so perhaps it will and this is influencing my thinking

So what did I see in my weekend review?

IBD (Investor Business Daily) now indicates in their Current Outlook as: Confirmed Up Trend.

Copernicus continues to be a little mixed, but is now showing to be short … in my interpretation. (This does bother me a little)

I did not complete all of my planed trades last week. I did sell GLD and  SH.  I did buy  XLV (healthcare) and IBB (biotech) but was unable to add  HHH (internet related)… I plan to do so on Monday as it looks even better now

With what I perceive as a cyclic sideways move of the market having occurred I have been looking for stocks that have been performing better than the market. I found quite a few of interest and have thus far narrowed the list down to AXP, AMZN, ARBA, BIDU and QCOM. Not sure what I will do on Monday, but I may buy a little of each and let my sell rules sort them out in time.

Currently my "Stocks for a Trade" now consists of:
None held at this time, but hope to add as noted above

ETF's for a trade are:
None held at this time, none planed

Normal ETF's:
(All gains or losses shown are the total since purchase)

XLV  -.56%
 IBB  +1.48%
Plan to add the HHH that I failed to pick up last week
Have a great week.

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