See all of those arrows? It’s like chipping and chipping away at an icy
fishing hole in the dead of winter. Eventually it’s going to crack, and
that’s what appears to be happening so far on the day. It’s what happens
on the potential upside crack that’s going to be far more meaningful.
Here’s the takeaway today with respect to the overall market
landscape on a near-term basis; there’s no guarantee the NASDAQ is going
to make that new high today. However, we are fairly certain – based on
what we’re seeing on the daily and weekly charts – that these markets
are NOT in the process of topping out right now.
Could they move lower from where they’re at now? Sure, but we just don’t think we’re on the verge of that major selloff everyone keeps talking about. It is possible these markets may need to back up one more time before they do finally make a big move higher, but unless something seriously changes, we just don’t think we’re going to get the big selloff so many continue to anticipate.
At the point the markets confirm something significant, we can always adopt a firm bearish stance. However, as evidenced by all of our open ideas right now, we’re just not ready to make that big market bet on a big reversal just yet. We’ve been close to making that big bet on a few occasions, but have yet to pull that trigger.
So, it’s still all systems go to the upside until proven otherwise. It would just be a lot nicer to see some of our longer-term ideas start performing a little better, but at least we’re in the green on nine of our twelve open ideas, and the green still far outweighs the red. Let’s hope it continues to stay that way.
Could they move lower from where they’re at now? Sure, but we just don’t think we’re on the verge of that major selloff everyone keeps talking about. It is possible these markets may need to back up one more time before they do finally make a big move higher, but unless something seriously changes, we just don’t think we’re going to get the big selloff so many continue to anticipate.
At the point the markets confirm something significant, we can always adopt a firm bearish stance. However, as evidenced by all of our open ideas right now, we’re just not ready to make that big market bet on a big reversal just yet. We’ve been close to making that big bet on a few occasions, but have yet to pull that trigger.
So, it’s still all systems go to the upside until proven otherwise. It would just be a lot nicer to see some of our longer-term ideas start performing a little better, but at least we’re in the green on nine of our twelve open ideas, and the green still far outweighs the red. Let’s hope it continues to stay that way.
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