Carnage Under the Surface
I often write about how we need to watch for a change in market character. It is when the action under the surface shifts that we need to make sure we take the necessary steps to deal with it.
The action today is a particularly good example of how the character of the action can be quite different than what the indices indicate. The DJIA is up nicely and we have breadth running on the positive side, but under the surface there is some real carnage in the momentum names that were leading this market just a couple weeks ago. Apple (APPL) is the most obvious problem, but there is a long list of big-cap momentum names being sold, including Priceline (PCLN), Google (GOOG), Intuitive Surgical (ISRG), Chipotle (CMG), Mastercard (MA), VMWare (VMW) and Amazon (AMZN)....263 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.
Already a Subscriber? Please login.