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TradingMarkets.com
Here's What July's Five Distribution Days Might Mean...
Tuesday August 5, 4:43 pm ET
By Tim Truebenbach


The market has spoken -- and for the time being, it has said to avoid buying stock for now! We have seen the S&P 500 post five distribution days between 7/09 and 7/29. This is enough evidence to point to lower prices. On a positive note, the leading Nasdaq index has managed to curb selling pressure over the same period.




Fortunately, things do not seem as bad as they appear. Leading stocks have taken nice shots below their 50-day moving averages, as in the case of Ebay (NasdaqNMEBAYNews).



The fact is that we had a great move and very solid profitable trading since mid-March and this correction may very well be what the market needs before moving even higher. It is definitely giving growth stocks a chance to form new base patterns from which to move higher. Boston Scientific (NYSEBSXNews) is a prime example. It has formed a flat base with a pivot point around 65.83. The Medical products company has been growing earnings for five straight quarters in addition to other quality fundamental traits.



If the market gives us a solid rally on very heavy volume, stocks such as BSX and other like Ameritrade (NasdaqNMAMTDNews) and Yahoo! (NasdaqNMYHOONews) may surge higher without looking back.



We would also like to see stocks surge through resistance on a consistent basis. This occurred all spring as the market's rally began, and has been recently represented by Spectralink (NasdaqNMSLNKNews). The stock pushed through its pivot of 17.30 on heavy volume and is still holding above.



Patience is almost always rewarded in the stock market and right now may be no different. In my analysis for True Capital Management, LLC, I am currently looking heavily into the markets' price and volume action and new bases from recent winners. Until things firm up and move higher, the sidelines are a nice place to watch from. If more trouble appears, then the short side may be worth looking into. For now, we will follow the recent action and wait for the market to flash some blatant buy or sell signals.

For anyone who is not familiar with a pivot point: It is the point on a stock that is 10 cents above a major price consolidation lasting at least 7 weeks