Major averages fell yesterday on lower, below average volume as institutions took a more passive stance on selling shares, at least for now. Some consolidation can be expected though the majors put in a strong finish as they were able to end the day near the top of their respective trading ranges.
This morning futures are lower by more than half a percent as European and Asian markets trade lower overnight. Capital has been moving out of European stocks and into bonds on strength in the dollar and ECB bond buying. Should the selling in U.S. markets become severe, investors should simply abide by trailing stops in order to protect profits.
Medical device maker Boston Scientific (BSX) had a continuation pocket pivot. BSX was mentioned on 5/24 when it had a pocket pivot.
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