Well...that was what is a typical summer snooze off!. The indices churned and churned with no catalysts ( eg. little M&A activity or Eco numbers) to serve up any conviction on either side. Maybe we shouldn't complain after the excitement lately, but if you're doing this full time, days like this make you cringe at the thought of more listless days. Luckily, there were a few DJIM gorillas to get some through the day. Both MA and TNH continued their extended run with 4% days, another $100+ gorilla FWLT had a nice follow through day and closed with a NCH. You wanna talk about extended, how about that LPHI!.lol. It probably causes a few hearts to skip a beat the way it trades intraday, but at the end of the day it closes at the the days high once again. When a stock does get extended you might get a RCCC reaction day sooner than later. Oh yeah this one has bounced nicely off 9ema around $30 last so keep an eye on for a trade possibility here at that point.
Besides adding CMED off earning early on, there was nothing new we bought. We actually did more selling today, reducing some position sizes such as in KHDH, now KHD on nyse just to lock in some profits.
KMGB shrugged off the IBD omission nicely.
MFLO reversed nicely back to $23 intraday. This one is fixated on $23 and it makes you wonder how many shares can go at that price before something positive happens.
Hopefully tomorrow brings some excitement..with a bullish bias of course.