Keep in mind, you will be told, leading into, during, and after May that you’re supposed to sell in May. You will be presented with charts and infographs and sharp-dressed pundits directing your attention to this devious month.
Here we are lads, back on the top-end of our range. To think we will break out of it would be to ignore our near term past. Who can convince me this time plays out differently than the last two rounds?
Bull or bear, given the amount of land we’ve covered since Monday, it feels like this week had two Tuesdays and an extended Wednesday. I suppose the trajectory of our current gains says something. Despite being long several stocks, the market still needs to convince me it’s fixing to go higher. It would be fair to call me a skeptic.
We are seeing these super active globex sessions which is a staple of lower prices, but the sellers vanish during US RTH. Again, odd stuff.
I suppose individual stocks can continue to work in this tape. Momentum tends to run the best near peak and trough, upward and downward respectively.
The cross currents continue. Per the Weekly Strategy Session, the leading Russell was reason to stay confidently long, and the flagging Nasdaq transports a reason to be cautious. Well, the transports jammed higher Monday-Tuesday and the Russell has been lagging all week, so SMH.
What I am saying is let the winners run while hopefully booking some gains into this strength, because something tells me sellers might show up to paddle come tomorrow, given our location on their side of the ping-pong table.
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