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Observation Update

Commentary

As time passes, June 9th is looking more and more like the starting point for a correction in technology related stocks.  The depth and length of correction is anyone's best guess.  As a trader, you have to stay focused on the current patterns being presented through your screens. As of now about 273 stocks are passing, which is only a slight decrease over the last few weeks. Biotechs, metals, and other non-tech sectors are starting to populate the list, and as they come forward new trade setups will emerge.  

Positions

BABA, IPGP, MTZ, and HDSN continue to stay in strong technical patterns, while EMKR has slid back into a consolidation area.  As long as these positions maintain their trends, they will remain in the portfolio.  Below are the charts.

Watchlist

The watchlist is slowing turning from technology stocks to biotech, metals, and financials.  At present I'm content to observe from the sidelines as technical patterns develop.  Trading requires both patients and quick decision making skills.  You have to have patients to let the setups come to you, but also be decisive when the pattern presents itself. Below are charts from the watchlist for review.

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