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<<I am confused about what to do when the M of CANSLIM seems to be changing>>

M is fine, but a lot of rookie investors, particularly those who trade with joysticks, are learning that stocks and markets don't go up forever without reaction. If there are a great many of them, there may be a bit further downside, but there will also be institutional support of the stronger names at support.

If you bought your stocks at canslim buypoints, the profit-taking going on is trivial. If you bought them at over-extended levels, you probably should already have been stopped out.
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