Thursday Market Wrap- Terrorists, Uncertainty and Crude

{+++} Iraq is in turmoil, and the markets don’t relish uncertainty, so the bloom came off the rose a bit today.

I always say the market “looks for a reason”. The Middle East thing could fizzle, but they will blame the mid east.

Actually we were getting overbought anyway. I posted this on the chatroom last week and on Stocktwits. As you know I like to watch the McClellan Oscillator for overbought/oversold signals and last week it popped out of a wedge that I have been watching for months. I posted this for you the other day, but check it out. Popped out of the wedge, signaled extreme overbought and then it died and went lower.


Actually, whats interesting, is that we may get “oversold” soon. So I’m not saying go crawl in a shell and avoid stocks, just be careful here.

I added BMRN as a new long today and it is posted on te P&L.

Please note that I took some profits today AND I raised stops on the P&L, so if you are following at home, take note of the changes.

See you in the morning.

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