Sorry, I can only make a quick post tonight. Both the Dow and S&P 500 logged another distribution day today, but that didn’t tell the whole story. Big moving stocks from the leading sectors, such as oil, agriculture and metals, took a huge hit today. These have been some of best momentum plays lately, but the possible sector rotation that I talked about last week seems now even more likely.

There was one trigger from the Watchlist, it was XIDE. It broke out early, offering close to a 1% gain for day trading, and then sold off with the rest most other stocks. The other two stocks from the Watchlist, SID and ITU, don’t look good here, so they should be off the list. I either sold or got stopped out of my remaining positions today, so am now in cash again.
With the Fed announcement tomorrow concerning rate cuts, I won’t be trading. It’s unlikely that the market will move much before the announcement, and could whipsaw after, depending on the news, and how the market interprets it.

Also, the leading stocks that I have been watching seem to be done. So it’s time to find some new movers, and after things settle down. I’ll try to make up for the shortened post.

Good luck and good trading!