Random Thoughts
To The Markets
It's Friday afternoon (08/12/16) and it looks like the market is going to end the week on a soft note. The good news is that Ps (S&P 500) and Quack (Nasdaq) are just off of all-time highs. As a trend follower, I'm not going to argue with that. Ideally, I'd sure like to see some acceleration higher.
The markets are like life in one aspect: there's always something to worry about. The Ps and Quack have lost a little steam as of late and the Rusty (IWM) still has some overhead supply to overcome.
I guess you can't have everything--if you did, where would you put it (Wright?)
Most sectors remain in uptrends like the market itself.
So What Do We Do?
I'm not seeing many meaningful longs at this juncture. This is normal for a pullback related methodology when a market is flirting with new highs. I'm still interested in IPOs since they appear to remain in a bull market. Further, being inefficient they can continue to forge ahead in spite of a shorter-term flat market. In general, by now, you should have a few longs on so focus mostly on managing and not micromanaging those (this market update was originally published in this article).
May the trend be with you!
Dave Landry