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in light of the run that we have seen over the past few weeks, it is only natural for traders to look for an imminent sharp pullback. However, doing so would neglect the scenario of a high and tight, benign period of consolidation, where shorting turns out to be largely an exercise in futility and the impetus for a great deal of aggravation. Believe me when I tell you that the stock market is challenging enough that you do not need to hustle yourself too while looking under the wrong card in a game of three-card monte.
Thus far this morning, we are clearly experiencing the latter scenario, as the senior indices are basically flat, with the stock picker’s market on display. Whether it is “too obvious” or not, so long as the S&P 500 clearly holds the 1332-1340 breakout zone, and the Nasdaq Composite Index holds 2800, the inverted head and shoulders bullish formations on both of those indices will have been confirmed, and higher prices are expected.
Top Ideas: BECN BZ GY RIMM
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