Market Bounces, On Cue
Stocks rebounded in typical fashion Wednesday, with most sectors participating equally. Trading levels picked up as these days are becoming very obvious to the masses. The smart money is looking for the bounce that fails – signifying a change in market behavior. Recent bounces haven’t lead to much – with only modest gains being achieved all year. Leading stocks moved in line with the market, which is lackluster behavior. I dumped my XON position yesterday after it shook me out beneath my buy point. It remains on my buy list, should it resume an uptrend. RCPT was the only real temptation for me today (in fact, I day traded it a bit), but I can’t bring myself to hold these biotech names without earnings. There was other spotty action (HDP, HQY, some China ADRs), but I’d rather see more strength before committing.
My allocation accounts remain in SPY, still looking for an uptrend.
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