Leaders under pressure

Last couple of weeks number of leading stocks have been under pressure. In some cases the rally in those stocks seems to be over and they might witness a pullback of 10 to 25% in next few months. This action in leading stocks indicate slow distribution and market skittishness for end of the year.

The start of earning warnings season will decide the fate of many stocks. Market will continue to be lacklustre during this period. As the earning picture becomes more clear, individual names will start moving up or down in anticipation of earnings.

Currently it is not a time to load up on either side. It is time to be cautious and play very small. When the market sets itself up for the next move and when that move becomes clear then it will be time to load the truck on either side.

When a market establishes clear trend and when there is sufficient buying or selling pressure you will find stocks making 20% plus kind of moves in days or weeks. Currently it is time to be on sideline or expect lower profits.

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