Joshua Hayes'  Instablog

Joshua Hayes
Send Message
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
My company:
Big Wave Trading
My blog:
Big Wave Trading
  • 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

Back To Joshua Hayes' Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers

StockTalks

More »

Latest Comments


Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.