We are taking a defensive stance this week and going to cash as our Stock of the Week. The problem isn’t that the indices are in poor technical shape but that the action of the last couple weeks have left so few set-ups. We did very well with last week’s pick of SOGO, which moved up 22%, but we are unable to find other such set-ups at this point due to the strong pockets of momentum.
If we see something develop, we will post a mid-week pick, but at this point we believe the market is going to need some resets before we can find set-ups with a positive edge.
This post is for educational purposes only! This is not advice or a recommendation. We do not give investment advice. Do not act on this post. Do not buy, sell or trade the stocks mentioned herein. We WILL actively trade this stock differently than discussed herein. We will sell into strength, and will buy or sell at any time for any reason. We will actively trade into any unusual activity. At the time of this post, principals, employees and affiliates of Shark Investing, Inc. and/or principals, employees and affiliates of Shark Asset Management, Inc. ("SAMI"), directly or indirectly, controlled investment and/or trading accounts containing no positions in SPY. To accommodate the objectives of these investing and/or trading accounts, the trading in these shares will be contrary to and/or inconsistent with the information contained in this posting.