From Cabot Top Ten Trader
It’s been a relatively choppy week, with Monday seeing many major indexes briefly sinking to new lows before reversing higher, a modest bounce mid-week, and this morning looking like another sharp drop. Following the open, it appears the S&P 500 will be down a fraction of a percent on the week, while the Nasdaq will be up by a similar amount. Looking at the charts, nothing has really changed. Many major indexes are hovering around their late-October lows, though small- and mid-cap indexes have been weaker, as both notched new closing lows yesterday. (The S&P 600 SmallCap index closed yesterday 19% off its late-August all-time peak!) Bottom line, the trend of the indexes (and most individual stocks) remains down, so you should continue to patiently sit tight in a mostly defensive stance.
Updated December 14, 2018 