Throughout yesterday’s session I kept my eye on a few stocks (9 to be exact) looking to initiate new positions or add to existing positions. A few had me optimistic, while others did not.
Bottom line, I did not buy anything. I am not exactly sure why I continue to err on the side of caution, seeing that this is a bull market, you know? There are no technical signs of panic or even distribution. Hell, the S&P hasn’t even retreated to the 20 day…yet I continue to sit here and give this market the “side eye”.
One thing that does have me a bit alarmed is the ongoing breakdown in GS. If the endless siphon of POMObucks from The Beard can’t keep the train a-movin’ forward, well, that is a bit disconcerting. Keep an eye on those developments.
If my cash position was higher, I would probably be more aggressive here, but I also watched a month ago as all of my 2013 effort was vaporized in a matter of days. At this juncture, I’d rather protect what I have made and set free stocks that are acting like idiots, than to go “all in” in (what could be) the latter stages of a bull run.
-EM
