The major market indexes suffered a second down day yesterday on mixed volume, with the NASDAQ Composite moving back into its prior four-week price range as the breakout of last Wednesday has failed in the short-term. A number of leading stocks have come under pressure lately, with several pocket pivots and buyable gap-ups failing in recent days. This morning futures are up as the markets recover slightly from a two-day sell-off that has seen much of the speculative action in 3-D printing stocks and names like Gogo (GOGO) and Organovo (ONVO) getting hit hard off of their peaks. The Fed releases its meeting minutes today at 11:00 a.m. Pacific time.
New positions that are not working should be sold using tight stops, generally at a prior area of support or a key moving average such as the 10-day or 50-day lines. While the market for now remains in an uptrend and the Market Direction Model remains on a buy signal, things can change quickly so investors should remain alert here.
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