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Market Recap – Home Builders, Sell in May Refuted, GMCR Tanks

Courtesy of Blain.

More whipsawing today as the market gapped to the downside and then reversed and closed back in the black. The NASDAQ found support at its 50 MA and overall we are pretty much flat on the week despite the intraday swings.

I shared another few good links on the StockTradingToGo Facebook Fan page today, one on Apple’s dominance and another on some great charts that give a different opinion on the whole “Sell in May and go away” mentality. Bottom line, when you look at only data for election years, June, July, and August are the best performing months. Full article at The Big Picture.

Last note to make is the noticeable weakness in international markets. China has just finally broke back above its 200 MA and Spain is approaching 2003 levels. It makes me wonder what our market would look like right now if it wasn’t prop’d up with unlimited taxpayer dollars.

Updated analysis below, stay frosty out there!

And last but not least here is a weekly look at Green Mountain Coffee Roasters (GMCR) from my MarketSmith account. The stock has plunged after hours thanks to slashed forecasts for moving forward.


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