With the break in GOOG today and the lack of positive action in other quality growth stocks, it is clear this current market correction will probably continue barring a significant positive news item. Overall, leading stocks are not faring well either and the charts are uninspiring. We are waiting for a follow through day to signal a new potential uptrend, which could occur anytime. Until the market proves itself, it is best to keep your powder dry and wait for confirmation of a new uptrend. I have some short positions that are working; however, with the election and being in the 4th quarter, we’ll see if those yield any results.

 

Best Returns,


Scott O’Neil

President, MarketSmith

 Follow Scott O'Neil at Twitter.com/WScottOneil