mentioned on Monday in this post ...
As the internals of the broad market continue to deteriorate it is important for
short term traders to stay thin and nimble. Swing trading opportunities (a few
days to a few weeks in duration) are plentiful but use tight stops. When (not
if) we get the first big down day - something that may not happen until after
the election - that will likely be the sign of THE top and further downside will
be highly probable. Until then, light volume selloffs or pullbacks to previous
support areas are likely to be bought. A big distribution day on above average
volume will be the canary in the coal mine for me. This is no time for the light
volume and anemic action to put you to sleep...be aware and read the signs.
I believe we have seen THE top for the year and should be trending lower as the primary trend changes from bullish to bearish.
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