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JimVanMeerten (65.25)

Time to sit on the sidelines today

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August 16, 2010 – Comments (0)

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

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