QIHU (9/8/13, -4.54%)
Last week the major U.S. indexes ended mixed. The DJIA tacked on 0.94%, the S&P 500 gained 0.51%, the NYSE Composite added 0.14%, and the NASDAQ faded 0.07%. The NASDAQ and S&P 500 both racked up additional distribution and after Wednesday’s significant downdraft on higher volume, the IBD outlook slipped to “uptrend under pressure”. Down days are coming on higher volume and up days are coming on lower volume, exactly the opposite of what Bulls want to see. For now, it’s best to avoid making new purchases and start lightening up on your long exposure. Consider booking some profits, even small ones. Above all, don’t let any gains turn into losses and don’t take a loss of more than 7-8% on any position.
This week QIHU is not near a proper buy point.
/as usual, your mileage may vary, always do your own homework
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