Let's see what this market does...
now that we officially kick off the summer season this weekend.
Couple of things. NYX on 4/23 on that downgrade sliced the 50 dma on volume. That's a warning sign to many institutions, the real players. I think (hope!) we slowly build up out of this level and then pop up thru that 50 shortly, in 2 or 3 weeks.
Again, things historically slow down here about now for the next several months, but, it all depends on this general market.
The Nas had it's 5th distribution day yesterday, another warning sign, and then heavy selling today. If you have ice-cold discipline / rules, you'ld be out of your "pure" Nas names. But, on the flip, we had the S&P (at only 1 day) and NYSE composite (3 days yesterday) doing better. So, dig down and see what's going on.
Given this lack of congruence, I'm looking at each holding on a case by case basis and going from there.
One other thing, margin numbers are high again - so watch for a quick flush of some of that (we already got some done today). But, times have changed, so you have to adjust these numbers for growth in the economy, etc. A suggestion - stay off margin, and you can stay in the game longer.
OK- bouncing around now with this rambling message - so here are a couple more thoughts.
Even in a bull market, you can get caught in stocks acting like NYX is here. If you are new to all this, I'd also suggest to try to consider it a blessing. The opposite, is coming into this game brand new, in a bull market, gambling heavy on one or two names, with full margin, and making a temporary killing. With an experience like that, you will have no regard for the real workings of the market, and without taking any caution you will very soon be out - out of cash and the market.
Take this action as a good experience and try to remember the lesson later, when things are getting good.
Are things good? Look at the numbers (Euronext, and do some forward calcs with combined numbers, etc. See what you need for a real growth play and what analysts are estimating).
I am writing this as Mad Money is on in the background and in between a couple of phone calls, so a couple of other items:
A caller on the show referred to news today about GS and their own exchange / dark pools, something mentioned here before. Not worried.
And earlier, Cramer saying this afternoon that the wait on GOOG is now about over. If it is released, this market will have some real mojo back. Watch this and the Nas, and the new Nas horsemen for signs.
So, let's see what the market does.
GL & GT.
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