The Ps accelerated nicely to all-time highs, tacking on over ½% on the day.
The Quack was all over the place but did manage to end up over ¼%. This is enough to keep it at multi-year higher. Better than a poke in the eye, I suppose.
Internally, things are still looking pretty good. Most sectors, like the indices themselves, are at or near new highs. Even some of the areas that have recently rolled over like the Drugs have come back to make new highs. Also, areas at low levels such as the Metals & Mining stocks are beginning to bang out marginal new highs. This exemplifies why you don’t want to rush out and short when the overall market is at or near new highs.
The market does remain oversold and due to correct. See recently commentaries about the “V” shaped high level recovery.
Futures are a little weak pre-market so we could be seeing the start of a correction this morning.
So what do we do? Another mostly “cntrl-a,cntrl-c,cntrl-v:” As a general statement, again, things have been improving as of late. As I preach, when a market is at or very near new highs, you don’t want to fight it. Therefore, I don’t see any need to fire off any shorts. As a pullback player, until the market pulls back, I’m not going to see a lot of setups on the long side. Again, this is perfectly normal. So, once again, now is the time to enjoy the ride on any leftover longs that you have in your portfolio and wait before establishing any new positions. Don’t fret. If this is the start of something bigger, there will be plenty enough opportunities to get on board.
With the futures weak pre-market, this could be the start of a correction. Hopefully, it will be brief and orderly.
On your marks–get ready to get ready.
Best of luck with your trading today,
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