The Nasdaq is fighting to get back to 2014 highs and while it just
may make it back I don’t think it’ll stay there. That will leave the Dow
well shy of new highs and make for a failed attempt to break out if
what I see happening plays out. But I don’t leave my trading strategy up
to what I think is going to happen, simply put I’m just not seeing any
new setups on the long side that is causing me to want to buy right now.
That makes my job rather easy at this point waiting for either the
markets to break out or pull back.
If we break out we’ll need to see new leaders emerge. Until then I’m
staying out of the buying frenzy as I’ve moved pretty much to a cash
position as of Tuesday this week. There are times when waiting and
watching is the best strategy and I think now is one of those times –
especially now that my market timing signal remains firmly down.
Shaded area marks resistance
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