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It appears that the bear flag we were observing into this week has morphed into a longer base, as chart patterns often do. Thus far today, the S&P 500 index is bumping up against the top end of a range that I am watching, after 1358 held as a low on Monday morning’s gap lower. If the bulls can breach 1392 to the upside and hold above it, I would consider it a sound victory for them. However, I am reluctant to put the horse before the cart until we see at least an initial breakout. As we dive head-first into this level for the fourth time in recent weeks, it looks to be a sink or swim scenario.
We are also still in earnings season, which makes catching moves like that in CRUS to be all the more difficult unless you aggressively bet before the results are released. In addition, as we are seeing with LVS this morning, there is no telling how the market will react.
With this overall backdrop, I am considering putting on some partial position-sized longs inside the 12631 Trading Service. Again, I am more inclined to do so if the low-1390’s can be negotiated well by the bulls. It is also worth noting that containing your angst is especially important here. It can be quite nerve-wracking trying to figure out whether the market has bottomed or not. You can always get back in on the long side if we have. Until we have a bit more evidence of that, though, cash is your best protection against a corrective market.
awesome gif
Love Malcolm
As of this moment I’m caught up in a rip~tide.
Swim..
although,they say it’s best just to float back to the shoreline. Well now sh!t, you must always beware of the shark.
😉
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