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Stocks Selloff Notching A Gnarly Distribution Day

|Includes:AAPL, AMZN, BIDU, CMG, CREE, DECK, GMCR, GOOG, GS, ISRG, MA, NFLX, The Priceline Group Inc. (PCLN), PCP, PNRA, V

For some odd reason market commentary was not updated by the person that updates it on my site tonight. I am not sure why and now I can not log in to my chat room (first time in at least six months). So I will post something I posted intraday. I sincerely apologize for this. The bottom line is that we had signs we were coming to this point today and I would be very careful with going long stocks on this pullback if volume remains heavy. I want to point out that it is also not time to go short yet either. A series of lower highs and lower lows on distribution is first needed before you can safely enter the market on the short side. Anything can happen and it is possible that this might be a small pullback that will be followed by still higher highs.

[14:25:53] bjesse has entered the room "BWT Lobby"
[14:26:00] JoshuaHayes: hello bjesse :)
[14:26:21] JoshuaHayes: I will also point out
[14:26:32] JoshuaHayes: that i mentioned in my new shorts section and my videdo
[14:26:35] JoshuaHayes: recently
[14:26:38] JoshuaHayes: as the market is hitting new highs
[14:26:43] bjesse: hi jh. Little rainy on the street today.
[14:26:50] JoshuaHayes: the number of stocks appearing in my short scans have been increasing a tad
[14:27:03] JoshuaHayes: and that combined with the distro hinted that the market might need a rest
[14:27:18] JoshuaHayes: plus the no sells in like forever
[14:27:20] JoshuaHayes: combined with us
[14:27:27] JoshuaHayes: not having many buys at ALL
[14:27:39] ph1021 has entered the room "BWT Lobby"
[14:27:40] JoshuaHayes: during the past 2 1/2 weeks is just another indicator the market needed a rest
[14:27:44] JoshuaHayes: hello ph
[14:27:50] ph1021: hi JH
[14:27:51] JoshuaHayes: increasing shorts in my scans as market hits highs
[14:28:01] JoshuaHayes: less longs for us to take compared to when rally was freash
[14:28:13] JoshuaHayes: some leaders looking very extended including some of our holdings
[14:28:29] JoshuaHayes: distribution days sneaking up while we moved higher in the indexes
[14:28:45] JoshuaHayes: all signs that we needed a breather
[14:29:01] daviscal has entered the room "BWT Lobby"
[14:29:02] JoshuaHayes: but like someone said look at MSPD :)
[14:29:07] JoshuaHayes: hello daviscal
[14:29:17] JoshuaHayes: so there are some wonderful gains despite the pullback
[14:29:24] JoshuaHayes: many leaders were/are just too hot for the short term
[14:29:26] daviscal: hello everyone
[14:29:35] JoshuaHayes: and bank stocks looking rolly over
[14:29:38] JoshuaHayes: hi buddy