Don't pay dollar to keep 2 cents when wrong. Cut your losses quickly. Trade what you see, not what you think.
Joined Oct 26, 2011
719 Blog Posts

Market raised, I folded

I’m seeing a bluff.  In a poker game, you want to continue the play when you see a bluff; but in the stock market, you have to do the opposite.  I folded.

Currently 89% cash.  I practically liquidated everything except my long-term equity hold.

I may as well be the fool to sell so soon; but I’m quite content to rest here with 20% YTD gain.

I think that is why I sold, I don’t want to risk going back below my 20% YTD at this inflection point.

Yes, it is my contention that we are at an inflection point of either going up or going down.

If we have a down day or even a neutral day at market close, there will be an evening star formation which is a bearish reversal signal.  Now, I may be jumping the gun or ahead of myself; but I prefer to sit back with cash and watch the show with pop-corn.

Good luck to all!

Below is the SPY daily chart.  Notice that today bar is still green; but if it doesn’t take out yesterday high, we may have an evening star formation.

If you enjoy the content at iBankCoin, please follow us on Twitter