____________________________
Over the past few days, I have noticed that more and more charts are at junctures where they put swing swing traders in liminality. In other words, while most stocks have been drifting higher could easily continue to do so, or they could pull back, the most important aspect about them is that they are probably beyond quality entry points. The best scenario going forward for patient swing traders would be for stocks to go sideways or pull in slightly to finish out this week, setting up good entries next week. Of course, wishing for a scenario to come to fruition can be a very dangerous thing for traders who get married to an idea and start act on it.
My positions are either slightly up or down this morning, consistent with the mixed tape. I have been long Silver Wheaton, which is usually one of the better silver miners. As I have been discussing, the miners might be the wildcard here, if capital rotates out of the extended/tired stocks down to them.
Otherwise, with the S&P 500 well on its way to printing a small doji candle, you are better off watching a movie today than overtrading.
Counsel appreciated.
cheers