http://www.youtube.com/watch?v=C_0fyUYB3cA&feature=youtu.be
I am seeing a bunch of fades this morning, as the market has becoming increasingly selective of late. That is a natural part of an extended uptrend. Again, it has been uniquely difficult to call the top this rally. But that does not mean being all-in long all the time is correct either. The ideal scenario would be to see a mild pullback with many charts tightening up patterns, setting up another energetic leg higher with breakouts across the board. Of course, a big issue with that scenario is that many traders want it to happen. And we know the market is often devious in terms of not giving the majority what it wants.
The main thing I am long right here is patience.
“The main thing I am long right here is patience” — nicely said!!
Patience as a position! I wish I could rename cash in my account to “patience” as a reminder.