The market fell hard today on much lighter volume. This was still enough to change the Market Outlook to Market In Correction. Now that we are back in a Correction, I won’t feel compelled to buy stocks that happen to break out. This will allow me to remain focused on finding the next Monster Stocks.
CSTR was at the top of my Watch List heading into this weekend. It held up rather well today, but then crashed 5% after hours when they announced a deal that will have a negative impact on earnings. I’m curious to see if this is a typical after hours overreaction or if this will drive the stock lower over the next few months. The chart will let me know.
I was impressed that GNC and KORS held up very well today. I have said before that I feel like both of these could become Monster Stocks down the road. Agian, the chart will let me know.
Among the sector leaders, MNST, QCOR, and WPI were all slightly up. That was also quite impressive.