Today was a very big loss although not as big as yesterday's gain. Nonetheless, it was a wake up call.
I took profits in LPIH which hit a new high but closed red. I also took profits in LTUS.
I bought several names that got crushed but most of them closed near the lows. This may get uglier as the SPY/NAZ leadership names are extremely weak now. Many of the big cap names are extremely overbought. The first six days were just so strong... profit taking is inevitable.
However, my strategy as a value microcap investor is to not get shaken out as my price targets are still far away for many names. The profits I have taken so far may be foolish and too early.
Still, a big correction would be difficult to sit through. Many charts were broken so it's possible the next few weeks will be nothing but losses or flatness. It's best to protect gains when all signs point to a looming correction.
It's time to be extremely vigilant now. If the markets are sensing the easy money is over... there will be an over-correction to the downside before a new upwave.
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