No New Longs For Friday’s Stock Market Session

Wow. There isn’t much to say right now except that was the poorest showing of an up 2% day that I have ever seen. The charts are very ugly and despite this rally the technical damage is wide and vast. It is going to take more than a few up days to get me to invest all my hard earned money that I have made in many market cycles. This is by far the worst single downturn I’ve seen and besides extremely oversold stocks there just isn’t much out there to buy. DMND gave what I, at first, would think would be a buy signal but by the end of the day the chart just fizzled out with not much volume. So it doesn’t meet my standards of a stock I would go long. VASC, SHEN, LHCG, SPTN, CBST, AVAV, TFSL, PETS, ESI, OZRK, AGNC, and CRD.b. But would I go long any of these stocks? Not yet. There are flaws in EVERY SINGLE base. However, CRD.b, OZRK, VASC, and TFSL have very high chances of doing very well in the near future. I will keep an eye on it but I don’t care what you hear on CNBC or anywhere, the fact of the matter is that cash is king RIGHT NOW. It might not be in all the time, OBVIOUSLY! But this exact moment, I am keeping my cash high and my longs and shorts manageable till the fire quiets down. Hopefully, we can light a fire under this market, or else we will have to go back to base watching. There are leading medical stocks right now and if some of you feel more adventurous go ahead and test the waters. But watch out, there are definitely some nasty sharks out there. Be careful, don’t let a low volume rally