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Markets Sell off on Higher Volume, Bhutto Assassination Shakes Trader’s Bones

January 6, 2008

Stocks were poised to start Thursday’s session looking to finish higher for the 7th straight day.  Just after 8 am EST news struck that opposition leader in Pakistan Benazir Bhutto had been assassinated.  This news rocked stocks, sending Index Futures lower and Crude Oil prices higher.  Throughout much of the day stocks drifted lower with brief flashes of strength.  During the final hour, institutions began to dump stock on the market.   The final hour of trade saw stocks dip to the lows of the session.  An overall sad day in the world of politics and a bearish one for stocks.

My game plan hasn’t changed much over the past few weeks.  Keeping a healthy percentage of cash with small positions in quality growth stocks.  To me, growth stock = 25% or more YoY performance in Sales and EPS growth.  More importantly, their chart must be sound.  PRO, like I stated yesterday has all the fundamentals I need in a stock.  However, 12/6 showed someone was dumping a lot of stock.  It will take some time to clear that day and begin to show real accumulation.  My game plan is working right now with this type of market, just seeing it through now.

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