Momo May be taking a break

Good morning folks, 
It never ceases to amaze me.
Over the weekend I was fairly certain we were about to grind higher and of course the market did exactly the opposite. I was concerned about the $IBB and the fact that it had pierced the top of the channel it was trading in. That concern was warranted since we had a fairly decent reversal in it yesterday. The market has been moving primarily in one direction and that was to the upside over the last couple years. Its been an unreal ride and its due for a change. 

Momentum stocks that have had the biggest runs,  sectors that were the hottest are typically the ones that get hit hardest when the inevitable correction comes.

 Yesterday a lot of the high flyers of late were the ones that took it on the chin.  This year will be more challenging, It will be more of a stock pickers market and I anticipate much more volatility. 
This doesn't mean that it won't be a tremendous year for trading. It just means: having a plan, being disciplined, managing risk and recognizing where the action is going will be more critical.

I am not saying the bull run is over, I am just suggesting that we have been overdue for a correction and if we have one its not a reason to jump out of a window. Its a good thing, one that we should embrace and make the best of.

Yesterday was a good day to book profits in swings build and build cash reserves.

Morning movers and other stocks that caught my eye

$OPTT may be the only green stock today lol Jk pr hot daily gapper don't chase it ,  $QTM pr earnings guidance and upgrade decent daily, $ELON nice daily active after hours yesterday breaking through moving averages, $HTCH earnings guidance hot daily, $WYY strong day and close yesterday possible continuation, $CBMX pr can be a pop and flopper so be careful, $TC pr could go test the 50 day, $ANV pr think its a buyout though, $ARIA pr, $OTIV PR  

Gold and silver miners look good all the charts look the same pull up your favorite and check it out 
$CHTP is halted for its FDA meeting look for the halt to lift if its good news this thing could fly.   

Seeking Alpha

Today's Markets:
In Asia, Japan -3.1% to 15422.4. Hong Kong -0.4% to 22791. China +0.9% to 2027. India -0.5% to 21033.
In Europe, at midday, London -0.1%. Paris -0.4%. Frankfurt -0.5%.
Futures at 6:20: Dow +0.1%. S&P +0.1%. Nasdaq +0.1%. Crude +0.1% to $91.93. Gold +0.2% to $1248.70.
Ten-year Treasury Yield +2 bps to 2.85%.

Today's economic calendar:
7:30 NFIB Small Business Optimism Index
7:45 ICSC Retail Store Sales
8:30 Retail Sales
8:30 Import/Export Prices
8:55 Redbook Chain Store Sales
10:00 Business Inventories

Notable earnings before today's open: CBSH, JPM, LEDS, SJR, WFC

Notable earnings after today's close: LLTC

Want a cool place to hang out, where you can learn from other experienced traders while having a few laughs?

Then click on this link http://wp.me/P3QO4L-QJ or if you want to learn more and see what current members have to say and hit the Join Us tab at the top of this page.

Good luck trading today !!