Time to sit on the sidelines today
The market opened lower today and in the first few minutes of trading declines out numbered advances. At the time of this post over 64.22% of approximately 6000 actively traded stocks were trading below their 20 Day Moving Average.
At this moment, I think it would be imprudent to recommend adding any new stocks to your portfolio. I will continue to monitor my portfolios for stocks that are not continuing their upward price momentum and will sell those I feel will not recover in the near future.
I will place on my watch list any positions that are performing worse that my market benchmark -- The Value Line Index.
Jim Van Meerten is an investor who writes on investing here and on Barchart Portfolio Blogs. Please leave a comment below or email JimVanMeerten@gmail.com.
Disclosure: No positions in the stock mentioned at the time of publication