It was not much of a pullback in the Stock Market on Tuesday as the market was down a bit most of the day but then rallied into the close. So this increases the likelihood of a consolidation and not a pullback. Too early to tell but we should be able to make a better estimate when the week is out.
I only have a few positions on now both short and long. My great maneuverability of last month seems to have left me this month. But that is the way trading goes. This year has not been a stellar one for me trading. Typically I can grind out an easy gain each year but having gotten off to a bad start with my long-term positions put on last october was an omen:)
But back to work today. The market is still over bought so I am going to most likely pass on trades today. My time is running out on a few of my mean reversion trades. So I will manage them also. I see no edge now in a trade. The bias is obviously up but until we consolidate or pullback the risk remains high. Yesterday many of the Breakouts from last week were down dramatically. I was right to exit most longs when I did. No follow through is not a good sign if your long the markets.
Top Free Trading site number 5 will be out today. I have it narrowed down to 3 sites and will make my decision shortly. For those of you that are looking to learn about how to trade these sites are invaluable. The information the authors have accumulated is impressive to say the least. The fact that they are putting out most of what they have for free is a testament to their dedication to the profession. The best part is that all four sites that are up now in one way or another deal with different aspects of trading. I hope you enjoy the sites.
Good Luck Today
RickJ’s Handicapping Picks