After the Supreme Court ruling was announced today, things looked pretty bad. I was very surprised to see how much the general market and leading stocks rallied back this afternoon. Well, some did.
Last night was my monthly IBD Meetup Group, and this month we had our twice a year IBD Guest Speaker. He was very good, although at times they kind of make me feel like I joined Bill O’Neil’s cult.
The speaker really pushed IBD’s Leaderboard Product. Hard. He actually recommended cancelling Marketsmith to pay for Leaderboard. Not sure if he was fishing for commission or really that passionate about the product, but either way I signed up for the 2 week trial today. I’m actually thinking about paying for both Leaderboard and Marketsmith through the next uptrend and then assessing whether either is worth the money.
On my first try logging into Leaderboard, I was happy to find that the Leaderboard stocks looked very similar to my current Watch List. I must be on the right track. Basically all that Leaderboard told me today was that almost everything was down, and ROST, DNKN, KORS, FIRE, and SWI really took big hits. Nothing I wouldn’t have known already, but it did come in a very nice package.
I have been saying all week that I wasn’t sure what was going to happen to the leading stocks on my Watch List as they were getting close to buy points despite the Correction. This will certainly help them continue to stay stuck in the base building stage, which is fine by me. I am still thinking that a strong August Follow Through Day would be the best bet for a new uptrend. That is what I’m looking for, but as usual, the charts will tell me what to do.