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HI FOLKS
Thursday was ugly. The losses were one thing, but to see the major indexes and many leading stocks
reverse sharply lower from key resistance in a nascent market rally was discouraging. Thursday's higher
volume followed market gains in below-average trade.
Clearly, Nividia earnings expectations were sky high for the market.
The Nasdaq and S&P 500 rally attempts are intact as long they hold above their Aug. 18 lows. The Dow
Jones undercut recent intraday lows on Thursday, so its market rally day count goes to zero.
Fed chief Powell's speech offers a possible catalyst. But, as with Nvidia, we don't know which way.
Markets also could take time to digest the implications Powell's longer-term outlook.
The market correction could end up running longer and perhaps deeper than investors thought a day
earlier. That may be especially true of AI stocks and the tech sector overall.
What To Do Now
Investors should remain defensive and ready to cut individual holdings as needed.It's not a good time to
be making new buys. Instead, Thursday offered some shorting opportunities as the indexes and key
stocks reversed lower from key levels.Investors shouldn't get aggressive before a follow-through day with
the major indexes facing stiff resistance.
FILH
FWRG
OII
Good accumulation rating (B)
Good fundamentals (EPS and Sales)
Good future estimate
Tight action at the bottom of base