Markets fell in the neighborhood of 4% Monday as the benchmarks were tumultuous to begin the week. The S&P 500 fell 3.9% and the Nasdaq by 3.8%. At session lows the Nasdaq was lower by close to 9%. Energy, materials and financials (MS declined more than 10% last week) all dropped more than 4%. Perhaps looking back one could say name like PG, up just 4 of the last 27 sessions or DD being close to 40% off recent 52 week highs. Notice it CLOSED right at the round 50 handle and could be worth a shot with a stop below the intraday lows of 48.01. My advice would be to stay small and nimble and see how this all pans out for the rest of the week. We are longer term traders here, and we fell the shorter the timeframe the more difficult it is to make money. At least NATH was higher both last Friday and Monday as the Dow lost more than 1100 handles the last 2 days. Can not call this name a Dog, bun I mean, pun intended. Of course we are being frivolous as this name is down more than 40% from recent all time highs and is very illiquid. Attempting a little humor on a brutal Monday afternoon. I am off for my late August vacation and will be back next week.
This article requires a Chartsmarter membership. Please click here to join.