4/20 Best Idea For The Week Ahead

Tomorrow I will have a longer post on the market and where we stand, today I wanted to focus on this weeks best idea. There are still pockets of strength in this market even though tech stocks can’t catch a bid these days. The technical picture is not pretty right now with the breakdown last week heading right to the 21 week.

This was a pretty standard 6% pullback. I think I sent out enough warnings in the week or so prior to its decline that you shouldn’t have “lost” anything. Alot of people like to use the term “lost” referencing what their account balance shows. If you “lost” money that means it’s gone forever and you were in short term calls that expired. If you are in longer term positions then you are just “down” for the moment. I was “down” a fortune this week, but I know that I’ve done all I can in terms of giving myself as much time as needed for my trade to play out and things will be ok. You just have to remember that we aren’t always in an uptrend. It is fine to press things in an uptrend but you have to take your foot off the gas in a downtrend if you’re going to survive.

This week’s best idea is one of the best names in the strongest sector this past week. It actually led the way short term and is showing some serious flight to safety.