Stocks Advance and Clear Key Moving Averages in Light Trade - Joshua Hayes

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Joshua "MauiTrader" Hayes is CEO, President and founder of Big Wave Trading Inc., a Maui, Hawaii-based stock market advisory service. Hayes is a well-respected stock trader who combines fundamentals, technicals, psychology and money management to trade professionally for his personal,... More

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Stocks Advance and Clear Key Moving Averages in Light Trade 0 comments

Aug 3, 2010 12:08 AM | about stocks: AAPL, GOOG, YHOO, INTC, GS, MSFT, IBM, C, CSCO, SHLD, CMG, POT, GLD, NEM, BIDU, ISRG, DELL, PG, EBAY, PCLN, MMM, QQQ, SPY, DIA, TBT, DGP, EWY, VXX, OVTI, AVGO, BP, CTRP, SBUX, CRM, ROVI, VMW, MELI, RVBD, ISLN, IGTE, ASPS, NTAP, PWER, FFIV, CTXS, EZCH, ALTR

A term we have coined in our chat room is "melt-up Monday" and once again we had solid gains. Economic data set the stage for stocks to advance and the market gapped higher. Every time we sold off even in the slightest the market found support. Volume did run higher at the beginning of the day but failed to keep pace with Friday's levels and finished lower by 8% on the NYSE and 9% on the NASDAQ. There is no doubt we have solid gains in the market and the long side has been the place to be. Today was just another highlight of the strength seen since July first.

Even though we have solid gains across the board avoid chasing stocks. The last thing you can do here is chase a stock only to have it reverse lower forcing you to get out. There are plenty of stocks setting up, but there have been a few leaders getting hit. Not a tell all sign, but something to keep track over the next few weeks.

We would love to see this market pull back and trade within a range to build out better bases.

My apologies for the short commentary, I am under the weather and need to grab some shut eye.

Disclosure: Long PWER
Themes: General Market Commentary Stocks: AAPL, GOOG, YHOO, INTC, GS, MSFT, IBM, C, CSCO, SHLD, CMG, POT, GLD, NEM, BIDU, ISRG, DELL, PG, EBAY, PCLN, MMM, QQQ, SPY, DIA, TBT, DGP, EWY, VXX, OVTI, AVGO, BP, CTRP, SBUX, CRM, ROVI, VMW, MELI, RVBD, ISLN, IGTE, ASPS, NTAP, PWER, FFIV, CTXS, EZCH, ALTR

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