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Today's action is again quite positive. Our universe of stocks (leading stocks) is acting strong. All MarketSmiths should be invested in this market with one caveat; watch your entry points. DO NOT BUY EXTENDED. Pullbacks are inevitable on the way up and will always catch those that are not disciplined with their entries. Do not allow yourself to get hit hard right out of the gate.
With that said, quality stocks are breaking out daily. As the leading indices continue to make new highs, stocks from the “Weekly Report of Stocks Approaching New Highs” have been a good source of ideas for the watch list. Check out a short video on that report here in our video tutorial library.
Remember to use a predetermined price point and quantity based on a recognizable chart pattern and be careful about too much pyramiding.
Also, don't just own aggressive stocks. It’s good to have a mix of a few safer, more stable stocks in the portfolio. It helps you handle the coming pullback better mentally when you own a few conservative stocks that are barely down. Consider this Large Cap Consistent Earnings Screen we shared in the August 2011 Stock Guide.
Lastly, if you can build a profit cushion you might be in a position to add to existing positions on a pullback.
Follow Scott O'Neil at Twitter.com/WScottOneil
As always Scott, thank you for your timely and insightful comments.
Thank you, Scott, for your support and guide!!!
Thanks Scott, Your comments real time with the market are very educational, relevant, and especially helpful. Best Regards, Greg Lawson
Scott -Thanks again for the reinforcement.
i have profit cushions in all my positions im just waiting for that pullback
Thanks for your guidance!
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