Although all in all today was rather bearish, I do not believe that this one day should worry anyone long too much expect for perhaps taking a piece of their position off. I still believe that the markets are due a decent bounce at these levels.
Monday, August 30, 2010
Bearish day!
The two IPO's I had on my watch list today triggered but only AMRC managed to closed positive while BORN closed below its opening price. BORN although negative on the day and AMRC are both far away from their pivot lows (and suggested stop out points). So if you are long of them I would suggest holding them until they violate these levels or until the Russell 2000 closes below the 590 level on volume. Please note, I did not enter any positions today.
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