Took my ETFs off the table on yesterday's NYMO/NAMO dip but with today's pop, we have yet another low above a low, and the NYSI is still rising, so it's back in the game for next week. This bull hardly gives time to catch one's breath before breadth marches the market higher.
Should be noted that TQQQ is now up seven days in a row (five for the NDX). There has to be another pause in here sometime, probably not much of one (again).
Good luck and good trading.
That's my last post on the market action last week.
So the "pause in here sometime" started today. Not surprising. Bought back in on the open this morning and sold it on an intraday signal one hour later. Got out basically flat thanks to AAPL holding up the Nasdaq, and thus TQQQ, long enough to launch the life raft.
So what now?
The NYMO is down with a little high below a high. The NYSI, acting like a bucking NYMO, is falling again. Can't quite remember a period of whipsaws on the NYSI going on this long.
Right now, if I had to guess, I think we're going down for a bit but hard to take that bet since this bull seems to surprise everyone with its rips back to the upside. My nifty-fifty stock list has 44 on sells, usually the prelude to another bounce, and 11 oversold. They have been rolling over from a top of 41 on buys for the past three days. Eleven are oversold -- would like to see more oversold before the next bounce begins.
If I totally had my way -- TOTALLY! -- this market would sell off for another three days at least and scare every bull to death and let the bears dance in the streets before the stampede kills them again, but markets, as we all know, seldom let anyone TOTALLY have his or her way.
So for now, I am in cash. May not be for long.
Good luck and good trading.