There was absolutely nothing out of about 150 charts. Nothing set up, broke out, or bounced on heavier volume. In my scans tonight, 85% were oil with the rest being a mix of metals and medical. The sad thing about this market, today, is that it has already killed the few “hot” charts that we had going and today was a horrible day for me because the market seemed to focus the majority of the selling on a few of my largest positions like GFA and DGLY. This has been my luck ever since I was diagnosed with Multiple Sclerosis. Sometimes, I would like to think that karma would reward me with some good luck to deal with all the pains that have popped up in my life. Obviously, that is not happening and it appears the market may be near its last legs of the current rally. The truth is that in 12 years of doing this full time I have never been so flabbergasted by the stock market. Nothing works on the long or short side, unless you go long oil. Which I do have PDO to thank for a 200% gain in under 10 days. But still, do you think I loaded up? Of course not, the stocks down the most in our portfolio of 70 longs, LOL, were the stocks I had large positions in. When it rains it pours and right now I am drowning in my own pouring rain. The funny thing is is if I would have sold GFA and DGLY when they were up 20% and 50% respectively, they would have gone on to become monster stocks with a 100% and 300% gain. That is my luck right now and I am smart enough to realize when the market and myself is not right. Right now, the market sucks and I suck. Therefore, I am going back to the cash is king mantra, UNLESS you are long oil and metal related stocks. I still have quite a few longs holding up and at least I do not have full sells which means we could easily rally still. However, to start to have a lot of nice charts showing up in my scans, and THEN they start to rollover and move lower, can be very depressing. If DGLY fails, I will be depressed as this will be yet another PERFECT chart that does nothing. Well, heck, at least I have taken 10% in with a 45% gain and will be taking 25% here with a 30% gain. Hopefully, DGLY can bounce here on huge volume and max green BOP and CONTINUE TO KEEP a near-perfect chart. But, I don’t have a whole lot of faith in this market doing anything I want it to do. Cash is my king, unless I get some amazing oil, fuel, gas, or energy related stock to setup and bounce or breakout on strong volume. Be very careful out there. This is exactly why I do NOT like low volume rallies. Just a minor pullback can cause a LOT of damage. This market sucks. There is NO other way to put it! I will be trying to work myself back to 50% cash by the opening bell on Friday (not tomorrow).
new long positions: none
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