Time To Be Nimble
Needless to say,
this market reminds me of every ex-girlfriend I have ever had. I will let you run with that one. I have to admit that I read
Goran Yordanoff’s reports very closely. Goran’s commentary
this weekend was as about as well-written and thought out as could be. I have only one statement to
make: Man, I hope he is wrong! But every time the market starts to do the “ugly
shuffle,” I can’t help but refer back to his words. He makes too much sense!Â
However, I am a technician first and foremost…so I will continue to listen to what the markets have to say. If the market does get trashed
again, it will show the clues. You can’t hide institutional selling.
At this point in time, nada, funji, not much. There are just not a
lot of new ideas for the intermediate-term trader. Right now, I would hesitate to give out any breakouts or
setups because they are starting to fail en masse. Just remember to adjust to market conditions and if the market does decide to go back in its hole, go with it.
All in all, I think you should refer back to my June 4
commentary where I said the markets may be setting up for a trading range.
That’s exactly how it feels. The markets don’t want to go down…but can’t break out
either. The last point I want to make is to be very nimble. Vicious rotation continues and not
a lot of progress is being made. Patience my friends, patience.
