Random Thoughts: On The Markets
Things were looking a little dubious here and there on Thursday but the market did manage to end the week on a high note. By "dubious" I mean that Retail got whacked and there where a few debacle de jours--both in Retail (e.g. BBBY) and elsewhere (e.g. RHT). The indices have settled into a short-term sideways range. The good news is that they remain just shy of all time highs.
Metals & Mining have retraced quite a bit but so far, they appear to only be pulling back--sans Gold & Silver which remain in downtrends.
The Semis managed to close at their highest levels since 2000.
Finance, especially the Banks remain in solid uptrends and have only recently pulled back.
So called "Brick and Mortar" areas such as Materials & Construction and Manufacturing have pulled back recently but remain in uptrends.
Sans a few notable standouts such as Drugs and Retail, most other areas remain in uptrends and have only pulled back at worst.
So What Do We Do?
Since the market remains near new highs, err on the long side. Look for setups in the aforementioned (and other) trending areas that have only pulled back. DO make sure you wait for entries in light of the recent weakness. And, of course, just follow the 17 steps.
May the trend be with you!
P.S. Happy Festivus! (if you celebrate)
And, if we don't talk between now in then: Merry Christmas if you celebrate and if you don't, happy Sunday!