Online Stock Trading | The Nasdaq side steps another attempt of distribution

The Nasdaq side steps another attempt of distribution


Filed Under Market Commentary |

Mr. Nasdaq narrowly slid by today’s session without labeling the day as distribution. Even the great Alan Greenspan recession talk couldn’t push stocks to a distribution day. Industrials, S&P 500, 400 and 600 all finished in the red. The bull has definitely pushed into its final stage.

As much as an optimist would like to be positive on this market, 4 years into the Bull market just can not find the muster. There are not many opportunities to find excellent quality Longs that will have superior returns. There are a few stocks that I am watching but none are THAT attractive: PNTR, NXTM, TLEO are the 3 that are decent.

The type of investing that I do, much like CANSLIM method we need a 10% correction to reset base counts and bring in a fresh wave of new stocks. As much as I want a correction I simply can not trade on something “I want.” For the traders that wanted to short at the beginning of Feburary, they have seen a 2.32% rise in the Qs. It doesn’t pay to have an opinion it pays to let the market dictate where to place your bets.

Again, any new buys keep real small. We may get one last gasp higher but 4 years without a correction is quite amazing. It can not last forever. So I’ll continue to repeat that we need distribution days to add up as the big boys begin their selling. As it stands we only have 1 day of distribution and a ways to go to we get 5.

Happy Trading
Market Speculator

marketspeculator@gmail.com

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