Today's selloff in the Dow and SP500 occured on light volume, just what we would expect for a normal pullback. The Qs continue to hold above the 200dema as expected and were positive today. I would not be surprised to see the Qs down tomorrow and the Dow and SP500 up. In any case this process will likely take a couple more days.
A surprise today was YHOO up on double average volume. I came within 0.10 of being stopped out on 4/20 and 4/28. I raised my stop to just below break-even after YHOO broke out from a B wave triangle on 4/13. My target is in the 18 area. Normally I would have kept the stop around a 3 ATR or 3 week area, but when a breakout fails I usually tighten the stop because it is often leads to further selling. Why lose money if it is going to fail?
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