Markets exhibited some tenacity Thursday, one day before closing out a week, before a long holiday weekend. Markets were down heavy before the opening, sagging on a stunning 7% decline in the Nikkei. But US benchmarks, stalwarts all year long, shook off early 1% plus losses to finish UNCH. I am maintaining my bearish stance, but as traders we must be able to adapt quickly and decisively. As much as I pay attention to the indicies, in my opinion it is more imperative to pay a real focused attention on your individual stocks. If this market decides to resume its seemingly endless advance it pays to have seen stocks that started to go green even before the benchmarks began their early comeback. Stocks that showed just that type of behavior today were SNPS, which was strong right out of the gate, even taking out a 36.10 flat base trigger intraday, but closing under it. Volume was hefty. Watch tomorrow. DNKN ended slightly in the red but found some support after hitting its prior 39.88 cup with handle trigger pivot point it took out 5/2. EXP rallied almost precisely off its former 72.41 flat base trigger it took out 5/15. Like I said earlier, I am still bearish, and the markets still have to be given the benefit of the doubt here, but the last thing you want is to let some healthy winners, recede or even evaporate at these extended levels. Be prudent. I will wait, no need to rush here, until the weekend most likely to deploy cash back to work. There will always be opportunities to take advantage of on either the long or short side. Thanks to our men and women in uniform in advance.
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