Back on the move higher today, albeit on lower volume, as both the NASDAQ and S&P 500 moved above last week's highs.
Some CANSLIM investors may mark today as the follow through session we've been waiting for - defined by a 1%+ accumulation day between 4 to 11 days after a market bottom - which is possible however volume was not ideal since it was lower than average. For those who mark today as the day, keeping a close eye on the watch list and slowly putting some cash back to work makes sense moving forward.
And lastly Facebook (FB) got hit pretty hard again today, shedding just under 10%, closing at $28.84. I told Bloomberg several weeks ago that the stock should be played with caution and tight stops for those investors who couldn't resist the urge to buy. Sad to see us down now close to 10 points from the IPO price but that's the way it goes.
Stay frosty out there.
PS - For those looking for a detailed update of Oil using Fibonacci, check out the latest on the StockCharts.com blog,
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