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Not much to say today. I said yesterday that I might go to the long side, well, I didn't. At the end of the day when I looked at the overall market I wasn't satisfied to go long, TOO MUCH RISK, in a market where the direction of the greater trend is DOWN. Look at the chart, notice the black candle, I wouldn't classify that as a reversal hammer but it is a bearish indicator bearing the solid signature. Trading the market requires patience, if the set-up isn't there do nothing, just that simply, if you miss one set-up I guarantee you that there is another one around the corner. It's all about conservation of cash and leveraging yourself with the trend. My model is showing a pivot point Dec. 7th, either a decent breakout or change in short term trend. Now, what happens between now and the third week in January is nothing, if your good a day trading, fine, I like the big moves, jump on the train and ride. I am still waiting for the beautiful pivot point coming up 3rd week in January, I CAN'T WAIT.
Have a great weekend,