Tuesday, January 11, 2011

State of the Stock Market - 1/8/10 - "Not Bad Overall"

We saw a positive session today on Wall Street, but it wasn't a perfect session.  Stocks started higher but really couldn't get much momentum going and around 1:00, stocks gave most of their gains away in about one hour before bouncing back into the close.  Volume appears to be lower.

Overall, today was a little "iffy" just because after the intraday pullbacks we saw the past two sessions, I expected a bit more from the bulls.  That doesn't mean it's time to panic or anything like that - the trend is still up and positive.   I did see a few individual charts that I didn't like the action in today (DECK, MOTR, PWER) but at the same time, MBI was up 11% and RAX was up 6% (both shown in the weekend video) so it wasn't all bad.   My four long positions remain intact and I continue to look for other positions as they present themselves.   I am actually looking at a stock right now after-hours based on earnings news but I have to decide if buying the gap is worth it. 

That's it for today - overall, the trend remains up and staying patient remains key.   Not too many warning signs but I will let you know if they pop up.  Good luck Wednesday.  

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