While Internet software is still OK as I wrote about in today's column, the real market leaders this month are getting taken out back and shot. How does a 5% haircut in Potash Corp sound? Same for DryShips? And my poor LDK Solar, recommended to customers just this morning, has backed off its huge gains (15%) to be up only 6%. Can you at least last until I can cash it in?
This morning it was "what me worry?" when it came to the economy but of course there was a headline saying that a gaggle of economists agree that a recession is either here or coming. I think the momentum players got clocked today as all the technical problems I've been writing about seem to matter now. Leadership was the only thing going for the market without any qualifiers.
The market may push all the evidence to the back burner and mess up as many of us as possible. It also may do it for longer than we can fight it, reminding me of my usual Barry Goldwater quote. "I'd rather be right than President."
I'd rather live to trade another day than be right while I fight the trend. But if it is turning I am going to be very ready.