The market logged a Distribution Day today. A Distribution day is no cause for panic, but it does mean that traders should use caution.

The NASDAQ has been leading the way higher in this rally, and it lead the way lower today, with a close below the recently pierced 200-Day MA.

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I am now out of everything now, including FDS and GNK, and am only holding one stock, RBY.

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This is not the best  gold stock, in fact, I wish  I would have opted for a stock like IAG. But I wanted to take advantage of the recent moves in cheap stocks. Don’t know if this will move like that though.

I will be watching a few stocks tomorrow,  but I am not planning to hold triggers longer than a day. We could see a correction soon.

Trade Ideas for 05/08/09:

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Good luck and good trading!