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MLR - PMP 3/14/14

The markets took a bit hit again yesterday on higher volume. With distribution days mounting and leaders getting hit, selling pressure has increased. The leaders began to tell the story about a week ago as they began to fall off of their prior upside pace, and the weakness is now becoming obvious in the indexes themselves.

With quantitative easing at the ready and market averages only off just a couple percent, they could find their footing sooner than later, or alternatively, could correct their standard 4-6% before finding their floor. Should the latter occur, leading stocks will take it on the chin harder than the major averages as they have before because they rose further during the market uptrend, so always adhere to your sell stops. A violation of a major moving average, a drop back into a stock's base, a break below a buyable gap up low, or a mini gap down can be reasons to sell.

It is critical that investors pay attention to their stops on individual stock positions since one cannot make blind assumptions about what the market will do, specifically that it will magically find a floor every time it corrects. Steep, brutal corrections have been seen since the Fed began its QE activities in 2009, thus complacency is not a viable investment strategy.

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