ChartSmarter Wednesday Game Plan 9/30/15

Markets continue their melancholy ways as the Nasdaq once a proud leader has become a former shell of itself. It demonstrated classic bear market behavior, beginning on highs and going out near lows for the session. The benchmark was up better than 1% early on and finished lower by .6% (the Dow and S&P 500 finished slightly higher). It is on a 6 day losing streak and is now off 14% from recent all time highs that occurred with the bearish dark cloud cover weekly candle ending 7/24 falling 2.3%. For the week it is off nearly 4% which is obviously is only 2 days old. Until recently the leaders in this market were holding up, but as we have been discussing for a couple weeks now, but that is no longer the case and it is worrisome. Keep in mind that the most violent of rallies do happen in bearish markets, but one now has to implement the strategy of selling the rips. To look at some leaders which have fallen of tough times once can look at PANW. Below is the chart how it was presented in last Thursdays Game Plan. It has now fallen 13 handles this week already, almost a mini biotech move as of late if you will. FB which was holding up well is now down 9 handles in the last 3 sessions. Although not a leader by any stretch, M is looking at an eleventh consecutive down week. It is getting harder to find tradable ideas and to be frank the best place to be in at the moment is cash. Trade, or not trade, accordingly.