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Swing Trading Strategy Report - Monday, August 7

We are stuck in a 13-day consolidation pattern. That sucks on many, many levels. But it'll breakout one way or another. However, the market isn't providing what I would necessarily call a clear-cut edge. As a result, I have been booking profits where it makes sense. Right now, I am net short, but if the market remains in the sideways position, I'll add another long position just to balance things out.

Indicators

VIX - Sold off hard from the get-go, but showed some life towards the end of the day, Friday. Right now it is in a holding pattern of its own.

T2108 (% of stocks trading below their 40-day moving average) - Mild bounce but still down 9 out of the last 12 days. A divergence from the direction the Dow is taking.

Moving averages: Holding the 5/10-day moving average once again.

Industries to Watch Today

Financials - Still the best industry right now. Just be careful with the regional banks.

Technology - Not going anywhere at the moment.

Energy - Falling apart again.

Utilities - Only financials have been better.

Retail - Discount retail pretty solid.

Biotech - may be ready for a bounce.

Industrials - Defense still unfreakin' believable.

My Market Sentiment

There...


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