Commentary is going to be short. Dealing with illness is never fun.
We continue to see a market struggling to find its footing. Today’s session started off great. However, sellers took over. The Dow was weighed down by IBM after it reported its 20th consecutive quarter of declining revenue. That is not a typo. The stock was crushed because it simply cannot grow revenues. Sure, with fancy accounting and cost cutting it still can pump out earnings. At some point the well runs dry. The positive on the session was the fact the NASDAQ was able to close in the green. We could be seeing rotation out of financials, but we still have a ways to go. We are still looking at March lows as our line in the sand for this market. If we are able to continue to push higher it would be a welcomed. However, we have our exits and if the March lows do not hold we have a plan in place to take advantage of the weakness. The question is do you?
Apologies for the short commentary. Its painful to even look at the screen at the moment. Stay vigilant with your position sizes and exits.
