Monday, May 24, 2010

Back to cash...

Afternoon weakness in the stock markets has forced me out of my positions. My stocks were moving up nicely along with the overall markets early this morning. Then after chopping around a bit in the afternoon the markets have started selling off violating intra-day support in the process.

So seeing the weakness I tightened my stops and was stopped out of all my positions for decent profits but no where close to what I was initially hoping for. However, it must not be forgotten that the markets are still in an intermediate term correction and odds favor downside continuation as oppose to a bounce here despite many oversold indicators.

I still like APKT near term on a break past its pivot point. But apart from APKT there is not much else that I am interested in. The markets continue to look weak and sluggish and I am very weary of this.

None the less, good luck and good trading!

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