On Wednesday, major indexes dropped late in the session after spending much of the day in positive territory. Volume was lighter across the board. The reversal is a technical negative and escalates overall concerns re the market.
The Friday Jobs Report and the holiday weekend will most likely pressure any snap-back rallies that may occur.
Major indexes are BELOW 200dMA & displaying negative biased / deteriorating indicators - a technical negative.
Current Climate is HIGH RISK and offers greater risk than reward.
This morning, futures are pointing to a LOWER opening.
Focus is on stocks meeting the CRITERIA & setting stop-loss limits / trailing stops as stocks rise in price. Current climate is curbing purchase activity.
Selective Chartists Positions (with BUY price): NONE 100% Cash
Valeant Pharm. (VRX)
ETFs: Monitoring INVERSE ETFs
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Disclosure: No Positions