A quick Sunday evening update … I spent a few hours looking over charts of leading stocks in the market, and I’m quite honestly having a very hard time finding (long) places to put my money.
What looked like a strong start to a rebound last week has crashed and burned.
It am starting to change my bullish stance on the market.
I started on Friday, playing the short side lightly and most likely will close my longs early this week and start fishing for more short opportunities. I hate to go there, but I think the market is gearing up for another down leg unfortunately.
Right now it is still in an organized channel to the upside, called a ‘flag’ formation, but the more I look, the more it won’t surprise me if/when the market breaks that channel and starts falling.
I hate to send out bad news, but to be forewarned is to be forearmed. Hopefully this will be moot in the coming days, but I’m not counting on it.
Hope you are enjoying your Sunday with loved ones …