The Big Wave Trading Portfolio remains under a BUY signal across the board as the market continues its steady uptrend above the 50 day moving average.
The past week was a good week of digesting gains overall and plenty of individual stocks broke out every day all week long. These breakouts suggest, to me, that the market is consolidating properly. If the market was in serious trouble here, based on past history, there would not have been so many breakouts every day all week long. The theme of across the board strength in many different sectors can not be ignored.
This being said, we are always on the lookout for selling to hit the market. The only concern that I have, following the past week’s action, is that the Nasdaq traded above average volume every day. This could turn out to be churning, if we break lower. So this must be watched.
The other interesting note is that the VIX got jumpy on Friday indicating that the crowd became a little fearful. This can be confirmed by my facebook feed, stocktwits feed, and by watching the intraday bullish/bearish survey on Finviz which has been running very bearish for almost a month now. It seems to me a lot of individuals are either underinvested and want to talk the market lower or that they are trying to play the top calling game. Either way, it isn’t very profitable and that is the the whole goal of this game we play.
It has been a fun weekend on my end, despite a family tragedy that occurred on Saturday. I hope you had a great one also and that you have a wonderful upcoming week. Aloha from a very warm and sunny Maui.
Top Current Holdings – Percent Gain – Date of Signal
CAMP long – 204% – 4/26/12
WAGE long – 184% – 1/8/13
FLT long – 150% – 9/6/12
POWR long – 142% – 12/11/12
ADUS long – 132% – 4/22/13
HEES long – 122% – 9/4/12
MEI long – 105% – 4/10/13
INSM long – 103% – 4/19/13
VIPS long – 62% – 7/17/13
TRLA long – 55% – 6/28/13
LGF long – 52% – 4/19/13
V long – 50% – 8/31/12
LOCK long – 47% – 5/20/13
WST long – 46% – 1/22/13
WDC long – 44% – 1/9/13
ADS long – 44% – 12/11/12
OCN long – 43% – 5/8/13
DDD long – 43% – 4/30/13
ICPT long – 41% – 9/6/13
