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Stocks Reversed from Highs in Lackluster Trade

August 16, 2008

Conditions do not seem to be improving for the overall stock market. The market failed to build on Thursday’s retake of the NASDAQ’s 200dma. Instead, stocks pulled back unable to hold the morning’s open prices. Reversals to the downside are never a sign of strength. Volume did rise on the NYSE but ended lower on the NASDAQ avoiding its first day of distribution since the most recent follow through. New Highs did edge out New Lows but its far from dominating which is a troubling sign for the most recent confirmed rally. I can’t get terribly excited about this market especially when CNBC and other talking heads are screaming to buy!

There are very few opportunities out there to load up on a Monster Stock. Notice I did not say “stocks.” There simply are so few out there that I can not justify pouring a ton of capital to any stock. However, there is an intriguing chart out there that is not something I’d trade just yet. If you are into large cap stocks this one is certainly to take a closer look at!

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Stocks Reversed from Highs in Lackluster Trade

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