Three Stocks I’m Watching Now

On
8/18, the NASDAQ technically posted a follow-through day. This is
represented by a 2% gain on heavier volume than the previous day. In my
opinion, this indicator means absolutely nothing in this instance and we still
remain in a treacherous market.

Since the follow-through
indication, there has been below-average volume behind any move higher.
Today, we even saw the technical definition of distribution as the market
traded lower on heavier volume than the previous day.

The second factor that calls
me to recommend staying out of the market is the lack of leadership-quality
growth stocks. Simply put, there are no set-ups out there. There are also
very few strong companies moving steadily higher.

Accredited Lenders (LEND) has been setting up in a double-bottom base, but
unable to break out.

Commercial Bankers (CCBI)
broke out on 8/18, but has since pulled back below its pivot point of 22.48.

Qualcomm (QCOM)
broke out of a short double-bottom base as well, but volume has receded each
day following the breakout.

Based on this information,
the market remains treacherous. For further proof, it never hurts to take a
look at the Semis (SMH). They took a hit on volume today.