Today's market action seems similar to yesterday and 1150 still remains the level to watch out for on S&P. In keeping with the change in my strategy, underlined in the post yesterday, I have been shifting to cash. I think its best to give market the time it needs to make up its mind about which direction it wants to head into. I sold APKT at 38.10 for pretty much breakeven, PAL at 4.30 for 5.6% gain. This was Chart of the Day for today and is still looking good. Also got stopped out of AKRX for 3.99 for little over 1% loss. These low volume stocks scare me and not seeing a follow through from the move yesterday, I was quick to get out.
I still defense is the best strategy here. Hopefully September was a great month for you readers too and this is not the market, at least now right now, to be risking those gains.
Make it a great weekend!