Finally, the NASDAQ ends lower for the first time in two weeks.  AAPL dropped more than three points putting pressure on the NASDAQ.  Today was a light day on the economic data front as existing home sales were better than expected, but still fell month-over-month.  The NASDAQ was on its way to its eleventh straight day of gains.  However, sellers were able to gain control and punched the NASDAQ in mouth.  Volume on the exchanges rose on the session as it appears the NASDAQ produced a day of stalling.  Today was not huge warning flag to the market, but we will continue to keep watch over distribution as we expect this market to consolidate its recent gains.

The market has come a long way since the beginning of February without much reprieve.  Many will likely want to call this a top, but this isn’t the prudent thing to do.  How often have these top callers been wrong?  You need to adhere to your exit strategy, while maintaining position sizes in accordance with your risk tolerance as the proper path.  Moving away from your strategy will only lead to disappointing returns.  Maximize your returns.

There were a few stocks in the chat room today you may find interesting.  We will not list them all here, but a stock like CRTO is coiled enough to produce a powerful intraday breakout.  If you are going to take advantage of an intraday breakout you need to be focused on stocks poised to breakout.  CRTO is just one of many we discussed today.  There was a group of stocks we have flagged as bottoming out and show potential for big gains.  If you want to join a community of talented traders click here.

A few days of consolidation would go a long way for the NASDAQ.  We of course want to avoid major distribution, but for now this market still remains poised to push higher.  CPI and Durable Goods figures hit the market tomorrow morning, but like most economic data these days it will matter very little.  As we stated last night the only thing pundits will be salivating over will be the Federal Reserve’s forward guidance.  Most of what you hear is simply noise and will only distract you.  Focus on price and leading stocks.  Ignore the rest of the nonsense.