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We are basically drifting into the bell on a lazy Friday afternoon. There are some stocks holding up very well, while other are looking heavy, and still others that are looking to merely find a bottom after downticking for months on end. Stocks like BIDU LNKD SCSS TPX ZZ have held up very well and are definitely worth watching. However, the reality is that the broad-based upside momentum that we saw earlier this year has slowed down considerably.
“Managing the trend” is a topic that I discussed earlier in the week, and I still believe we are in an overall uptrend going back several months. However, short/intermediate-term moves are important to traders, in terms of protecting both confidence and capital. Thus, varying your degrees of aggression throughout the course of a market move is crucial to success. I am cash-rich and ready for anything next week. Those ominous-looking bear flags on a bunch of index daily charts could easily be traps to lure in bears, just as easily as the recent two-day bounce could have been a bull trap.
Enjoy the weekend and I will see you back here later for more work.
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It’s weird. After seeing that picture all I want to do is eat some sushi off a naked chick. Thanks Chess for your unstoppable blogging awesomeness. Some of us Internet leeches really appreciate the hard work you put in, and have become much better traders because of it. Have a great weekend.
I’ll second that!
Yes, great posts all week. staying in cash with one position, still holding $DNKN, liked the buy volume under the surface, held well, and it’s been easy for me to keep an eye on. up 5% and holding.
Thanks, guys!
OHHhhhhh!!
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😉