After yesterday’s powerful broad market rally, we are seeing some of that now-familiar mild consolidation on the indices this morning. Despite a weak jobs report and a warning from Intel, the underlying health of the market remains impressive with plenty of stocks in the green and/or working through tight, technical bases. In addition, the small caps housed in the Russell 2000 Index continue to lead the charge higher, frustrating a great many bears looking for an imminent rollover or some type of glaring cracks in the sidewalk.
I will be inside the 12631 Trading Room focusing on managing my winning long trades and scouting out the next batch of breakouts that appear to be firming up here. If you got caught leaning short or flat-flooted in all cash during this rally, come check us out inside 12631. We methodically increased long exposure as the market improved, and are always on watch for a change in character in the market. Indeed, complacency is the enemy of the disciplined trader. However, confidence and execution are crucial to success.
I just learned that manufacturing is DOWN 1% for last month. Does this mean anything to you people? I have no idea what it means..