A sharp reversal in the last 90 minutes of trading turned back the market from what was shaping up to be a very strong day. All the major averages were approaching news highs but plunged into negative territory at the close. Breadth turned from negative to positive and back to negative on the day and strong volume which looked great when we were green ended up as being a negative with the bad close.

A few weeks ago, many were concerned with the lagging Nasdaq which, even after the reversal today has done a good job of regaining its composure. We still feel optimistic that we will see new highs in the Nasdaq not too far down the road. 

The very choppy action supports our contention that many participants are not positioned for a positive market move, which may bode well for a strong move at some point. There are still many stocks that look to be setting up for another move higher and we encourage you to update your lists this weekend in anticipation of a good environment going forward. A good place to start is the Sharkfolio, where many stocks continue to trade at prudent entry levels.

While this week has been no longer than others, it sure has felt like it. We look forward to a couple days off but will be actively looking for opportunities and doing some homework. Rest up and well see you bright and early Monday morning.

Have a good evening.

RevShark