Profit Taking

• A bout of profit taking hit some of the leading stocks and sectors yesterday. Casino's, solar energy and select China plays had healthy dose of profit taking after many weeks of near vertical action.
• Overall it was a mixed day with both upside and downside breakouts evenly matched in my scans.
  
• Gravity does not exist as far as China stocks are concerned. 25% plus daily moves are common amongst these group of stocks in last few days. We all know how such parties end. But you can never time them for down slide with precision.
  
• Dips like these after few weeks of vigorous rallies are not a bad thing as market digests gain and new set of stocks take on leadership.