By meander, I of course mean they’re going higher without proper leadership. Case in point, today’s 63% positive breadth is led by the nightly tankers and hospitals. Semis are doing fine too — but that didn’t fit into my narrative. On a +40 Nasdaq day, I’d expect better breadth than 63%. Nevertheless, here we are and here I am booking losses.
See pal that’s who I am.
I’ll keep trading away as if nothing happened. Yesterday I refrained from any new buys — due to uncertainty. That apprehensions manifested itself today with two solid cow punches to the gut. Now I have the task of finding some pretty big winners in a market that isn’t trending — but instead meandering higher.
Bonds are somewhat weak again and the gold bug has been all but squashed. I still have two gold positions for a “just in case” scenario, but my confidence level on those trades is very low. Gold has proven itself to be unlucky and the formidability of the Fed and their designs supreme. Is it fair or right? Maybe not. But history is written by the victors for the victors.
Off to find a few big winners.If you enjoy the content at iBankCoin, please follow us on Twitter