At the start of this 3K-100K challenge, I warned that at times I would break my own rules. Today is one of those days. DDS is closing below the 7 dma, but I am holding onto the trade. FCX and TSO still remain above the 7s and have held up relatively well today given the market down almost a percent.
The candle pattern on the SPX is not a short term bullish one. Another day of profit taking may be ahead before the market gets any kind of serious bounce. I believe these days of selling are days to pick up stocks holding strong above their 7 dma rather than a great opportunity to get short stocks. More light may come out of Europe and change that sentiment, but for now I just think this a pullback for those that missed the market rally to get in and buy. For now, I hold my trades.
Have a nice evening, Jeff