Mike
08-27-2013, 01:56 PM
I posted a message yesterday and it didn't show up. I must have hit a wrong key.
We have just undercut the lows of the rally attempt which restarts the looking for a new rally attempt and follow-through day. The earliest FTD would be next Monday if tomorrow closes up. My view of the market is that it is looking pretty bad and being in cash isn't a bad consideration. We have been in a bull market since March of 2009, this rally is quite old by historical standards. This sell off could be the start of something large. Multiple indications of a possibly topping market have triggered which I take with a grain of salt until a sell off actually gets underway.
I still hold ACT and TSLA long but have also entered CREE, EXPE and ALK short. All positions are positive but ACT is nearing a cut line. I won't carry a negative position with the market acting this way. ACT has just gone sideways for too long. I have had high hopes that TSLA could do what other high-tight flag breakouts have done in history (double or triple) but if the market is really headed for a decline it will likely get TSLA also.
We have just undercut the lows of the rally attempt which restarts the looking for a new rally attempt and follow-through day. The earliest FTD would be next Monday if tomorrow closes up. My view of the market is that it is looking pretty bad and being in cash isn't a bad consideration. We have been in a bull market since March of 2009, this rally is quite old by historical standards. This sell off could be the start of something large. Multiple indications of a possibly topping market have triggered which I take with a grain of salt until a sell off actually gets underway.
I still hold ACT and TSLA long but have also entered CREE, EXPE and ALK short. All positions are positive but ACT is nearing a cut line. I won't carry a negative position with the market acting this way. ACT has just gone sideways for too long. I have had high hopes that TSLA could do what other high-tight flag breakouts have done in history (double or triple) but if the market is really headed for a decline it will likely get TSLA also.