Confusing market action
July 15th, 2010
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The market flashed a follow through day couple of days back. But, the action in the breakouts is not very encouraging so far. Also, the moves that we had today in the market do not happen in a typical bull market rally. Volatile days like today are hallmarks of a bear market. Added to that, the market is still below the 50 and 200 day. That’s the reason why we think that this is a very confusing and dangerous market.
That being said, we opened small positions in VMW and APKT today. We will close these positions on any hint of distribution in these stocks.