Major averages fell yesterday on mixed volume with the NASDAQ Composite finding support for the second time at its 50dma. The ADP private-sector jobs data and the ISM manufacturing survey both came in weak sending major averages lower by around 1% before they found their footing and bounced to close roughly mid-range.
With the major averages still caught in a state of trendlessness, the sidelines remain the best place to be for now as far as market timing is concerned. Stock selection on the other hand remains viable as some leaders are holding up. Keep stops tight and take profits when you have them.
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