On Thursday, major indexes closed modestly lower. Volume was heavy across the board. Economic news was mostly negative.
Major indexes are BELOW 200dMA & displaying negative biased / deteriorating indicators - a technical negative. Major indexes appear to have formed a head and shoulders pattern (negative).
Current Climate is HIGH RISK / BEARISH & offers greater risk than reward.
This morning, futures are pointing to a LOWER opnening.
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. (NYSE:VRX)
ETFs: Monitoring INVERSE ETFs
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Disclosure: No Positions