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MLR - PMP 3/28/14

The major market averages fell yesterday on mixed volume as the NASDAQ moved further below its 50-day moving average while the S&P 500 still remains in a position above its 50-day moving average. A number of oversold indicators which were in the red in late January and early February are approaching red again. Further, the NASDAQ Composite is off over 5% from its recent peak after trading under its 50-day moving average but the S&P 500 is only off a little over 1% from its own recent peak while holding above its 50-day moving average. All of this implies there could be further downside before the market reaches oversold levels. Keep your stops tight.

While leaders have gotten hit harder than in past corrections, some are quite oversold and in a position where a reaction rally and bounce becomes more likely, particularly once the need to sell becomes obvious in many of these names. Don't let this keep you from selling a position that shows you a loss on the hope of this bounce although one could certainly use an opportune bounce as an opportunity to sell into and thereby obtain a more favorable exit.

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