The Ps didn’t set the world on fire but they did manage to close up over 1/3%. Better than a poke in the eye I suppose. It wasn’t a big cap rally day. Overall though, smaller issues did okay with the Quack and Rusty both closing up over ½%
Tuesday’s high remains the inflection point for the Trend Pivot Pullback (from my book 10 Best Patterns and Strategies) email me if you need the pattern. If that high gets taken out decisively then it would suggests that the trend is resuming.
Once again, all is not good in the world. With the bonds sliding, interest rate sensitive areas such as Real Estate and Utilities continue to implode. And, selected other areas such as the Energies and Telecom have lost momentum. Foreign stocks haven’t done so well as of late. This isn’t enough to worry about but you have to keep an eye on everything (or pay me to do it for you).
As long as most sectors and the overall market remain in uptrends, I’m going to continue to err on the buy side.
So what do we do? Same as it every was. Continue to look to add on the long side. As usual, make sure you wait for entries. That, in and of itself, might keep you out of new trouble. On existing positions you know the routine: take partial profits as offered and honor/trail your stops higher.
Futures are weak pre-market.
Best of luck with your trading today!
Free Articles, Videos, Webinars, and more....