Online Stock Trading | Distribution Strikes Down on Wall Street

Distribution Strikes Down on Wall Street


Filed Under Market Commentary |

Stocks were sold hard and fast yesterday afternoon after indexes hit fresh new highs.  It was the first sign of any REAL institutional selling since August.  One of our leaders, BIDU a chinese related stock was HAMMERED closing down 10% on volume not seen since its first few weeks of trading.  All is not too bad, the stock held its 50dma despite the large volume.  Other leaders like AAPL, GOOG, and RIMM did have bad days as well but you can see that these stocks grew tails.  This is a sign of strength buyers were stepping in supporting the stock.  All in all, not that bad of a day, its healthy for bull runs to have bouts of distribution.  However, you must be vigilant in your portfolio by getting rid of laggards and sticking with your winners.

CHNR JRJC YTEC CPSL - - All still look very sharp during yesterday’s sell off.  Flag pattern still is intact for these. 

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