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Sellers Jump in Late to Knock Down Stocks from Their Highs but Hold Gains

Late day selling brought the indexes back to their lows of the day settling just above them.  Retail sales figures spooked traders sending the retail sector lower.  On the other side, crude oil rose to $73 as the commodity continued its trek higher.  Mounting pressures from rising yields as well as higher energy costs weighed heavily on the market overall.  Leading stocks did not participate in the move higher marking a second straight day of underperformance.  Volume came in just above Wednesday's levels but was lower than its 50dma suggesting the past few sessions institutions have largely stayed on the sidelines.  Taking a fifty thousand foot view of the market; we are still in an uptrend with not many distribution days and we should continue to see the uptrend hold.

The leading stocks took a step back on Thursday, taking a rest from recent gains.  Although it would be ideal for the leading stocks to move higher every day it is simply impossible to do.  At the moment, many of them sit above or on their 10dma an area of support.  If the leading stocks can hold these moving averages it'll be a sign of strength and something we will continue to pay close attention to.

Every night I review leaders and all the market indexes.  This gives me a great view of the market and putting the pieces together which are necessary to determine how the market is doing.  Interestingly enough I have been paying close attention to the IBD indexes.  The IBD 100 has been heading sideways for quite some time and has lagged the overall market.  However, taking a step back you'll notice the awfully nice tight price action happening in the IBD 100.  It appears as if the index itself is preparing for a move higher, above its 200dma no less.  This is an area where I will be paying close attention to in the coming days to see whether or not these leading stock indexes can muster up the strength to penetrate the 200dma.

Having a sound game plan is always the best course of action and cutting your losses should be top priority in your game plan.  It is an important tool to save your account from utter disaster and keeps you in the game.

Enjoy your weekend.


top longs w/ TOTAL returns since 1st buy making money TODAY: PALM 42% CRAY 35% ARST 36% CAST 43% ACTG 22% ANV 36% ISTA 58% ATSG 65% RAD 28% RBY 55% CLRT 25% THM 31% (CYT 56%)

top longs FOR PLAT MEMBERS ONLY w/ TOTAL returns...TODAY: CHDX 30% GOK 53% ENT 38% TEN 25% JADE 53% KAD 63% IPCS 65% PRC 52% WPCS 51% PTN 21% TMR 34% AHD 20% PXLW 38% WPRT 56% PONE 21% RAD 234%

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I rarely EVER take some time off but you know what? With as much money as my picks are making others, while I sit and try to figure out what I am doing wrong, I figure it is only fair for me to take some mental time off and just post items to my PLAT chat room, GOLD forums, and SILVER longs. The free stuff can be put on hold for a day. I'll be back with my regular postings on Friday. Thank you for letting me have sometime off of this VERY tiring market. I work too hard--way too hard!