12.14.10 Back to the Drawing Board

Of the 4 recs made over the weekend, no trades. 3 were down Monday, so didn't trigger the parameters I had set up. The other one, MIPS, was the one I said was the last one of the four I would buy because it was already extended over 5% past its good buy point. It gapped up Monday and at mid-morning was up over 10% on the day, so that was definitely a no go for a stock that was already extended.
So I'm going to hold off on the model portfolio until I come up with something that will be more timely and still be fairly verifiable to anyone taking a look at it.
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As for the market itself, there are warning signs flashing. Yesterday was another distribution day, the 5th one in the past month - and by my figuring, so was today, even though volume was down on the S&P 500 from yesterday. Both the S&P 500 and the Nasdaq closed lower than they opened, and that is usually distribution in my opinion.
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I did put on a position in ENDP at 35.97 Monday. It has been basing the past few weeks, and is also right at its 50 MA, which should act as support if the trade works. Putting a stop below yesterday's low, because if it takes out that low that will mean that the 50 MA isn't holding either and those distribution days are making me wary.
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