Hello Stock Hoppers, Well today was definitely a tale of two sides. Up early down late. Matter of fact up significantly today(over 100pts)end of day was a different story, losing most all of its gains, matter of fact the S & P500 did finish in the red. What is the charts trying to tell us here short term? I believe that we are in for a mini correction back down to the 21day ema. I am looking at below the 10700 mark. Lets face it the market has had a nice run up and really we do not want to see this market just continue to skyrocket, what goes up hot and heavy usually comes down alot harder and faster. So a small downturn is not only probable here but for the most part very healthy.
I am currently short GE at 17.93, it has gone against my thought here the last couple of days but looks like it is going to retract, so I am going to stick with it. I only purchased 500 shares so I am willing to hold it as long as I see some short term weakness,...which I do see it coming here the next couple of days.
As soon as I see the averages come back down to the 13 day and 21 day exponential moving averages, I will be posting the stocks that will take full advantage of the bounce back. Look at my recent blogs and check some of my other picks when the market bounced. They did pretty well, I think you will agree.
Well that is all for now .......Until next time Happy Stock Charting!!
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