Market has taken a bearish tone this week. Bears are complaining that stocks are tired from the run-up and could stall at these new highs, triggering mass technical selling. They also think earnings have not been so stellar due to companies having no “top-line growth.” Europe could come back to bite us as well, they say. Sounds childish to me. Has anyone heard the latest earnings calls? Companies are making money hand over fist. Not to mention, the global economy, jobs numbers, and housing continue to improve. Expectations are getting a bit high, though, so be prepared for more volatility near-term.
S&P 500 consolidating on the 20 (green line). We formed a hanging man on the 20 today, that tends to be bearish (see “candlesticks” in trade professor. )
Timken (TKR), the latest addition to the portfolio. Buying half of the position here and the other half at 53. Stop-loss is below 53.
