When I talk about the gathering bearish case you can rest assured it is not coming from someone who has been fighting the market, like so many other ‘bear case’ pieces out there. No, I have been long since the depths of Brexit. This NFTRH update from July 22 makes the point.
Anyway, today amid an ongoing slow scale out of longs I say goodbye to CSCO, which I had held forever. It’s a good company and it’s also a company that everybody knows about and could have bought cheaper. Now, on an okay quarterly report, they are bidding it up to an overbought condition on the daily chart. You can have it momos; profit booked.
Meanwhile, in a far away outpost in the market (the TSXdot.VEE), we see the previously noted MJN still going up and now, so too is its buddy, APH.V, which was noted in NFTRH last weekend before the big spike (and no, with the volume this stock gets little NFTRH did not affect the price; it was just time for the consolidation to end and the pattern to bust a move). I have now taken partial profit on APH along with MJN.
So whether selling outright a large non-speculative stock or trimming a couple highly speculative ones, the tack remains the same; ease away from the punch bowl as the newly arrived party animals get more and more intoxicated.
Oh and when I make posts showing how well I’ve done I feel I have to add some negatives if they exist, in the interest of honesty and balance. I have a medical device stock that is down 19% today on earnings that were not good enough. On balance however, today is another up day and that is what balance and moderation will do for you.
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