I Have Always Said There Is Nothing Worse For Stocks To Setup In Bullish Patterns Across The Board And Then FailPosted on Wednesday, June 11th, 2008 | In Current Market News, Stocks to Watch
Well, today, it looks to be officially dead. There were a few stocks I have been watching recently that have held up will during the pullbacks so far. Now, they look like they are ready to give it up. This rally attempt has not failed yet but the way some of my stocks look it appears that they are on their last legs if they are to succeed. Another tell, is that in a lot of stocks I had some big gains, and almost ALL of those gains have been wiped out without the market having an extremely horrible session.
The way these gains are disappering without any warnings or announcements are very disturbing and an indication to me that it is time to stop hunting for stocks to buy. Unless they show up and scream “buy me you fool, I am no longer going to press it to the long side.”
There were about 4-5 longs that recently setup and broke out that should have produced some remarkable gains. Instead, now, they have all turned tail on lower volume (if it was higher volume, it would be at least a warning).
Sadly, I have to be completely honest, my 35% gain the past three months has been turned into an 8-10% gain (haven’t checked and there was absolutely no warning that these stocks were going to give it up so fast. That is my tell that this market is not the kind of market I want to be in.
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About Joshua Hayes (http://www.bigwavetrading.com)
Joshua "MauiTrader" Hayes is CEO, president and founder of Big Wave Trading Inc. (http://www.bigwavetrading.com/), a Maui, Hawaii-based stock market advisory service. Hayes is a well-respected stock trader and technician who combines fundamentals, psychology and money management to trade professionally for his own family and friends accounts for 15 years on NYC and Maui. Hayes also runs BigWaveTrading.com, an online stock market commentary and stock selection service for intermediate-term investment strategies using CANSLIM and other strategies. Hayes has been a contributor to Telechart as Sir Aloha, Realmoney.com, InvestorsParadise.com, BestWayToInvest.com, iStockAnalyst.com, and StraightStocks.com.