FB a big winner DDD a big loser on my individual portfolio watch list, but the overall SPY looks healthy indeed. No change in the overall market direction analysis. Uptrend healthy and intact.
Short term we can pull back or go higher, no edge there that I can offer, that is just what markets do. Buying weakness in a healthy uptrend makes sense to me. Anyone who claims they know what tomorrow will bring must have a crystal ball.
No video today or comment tomorrow. Back to normal business on Thursday.
Not much of a day for the overall index, but I took partial profits in solid performers such as DDD, AAPL, PFE, VZ.
Just trading around a significant core holding in each.
No video tonight.
I enter the coming week generally bullish but aware that we do have room for a healthy pullback.
My bias is to allocate to companies or ETF’s with solid dividend paying ability that have healthy charts and are at buy points. That way I add to profitable positions and look forward to pullbacks to allocate more cash. I am mostly cash now.
It is entirely possible that the weekly SPX can remain in the channel between the 10 and 20 Weekly Moving Averages for the next several YEARS. If you wait for a retest of the weekly 50 WEEK moving average, will you get it? The market is climbing despite every reason we all know as to why it should not be. What does that tell you?
The market can be starting a brand new secular bull, so trust your eyes, watch the charts, buy at support.
I am also using the 3x ETF bull and bear instruments to help me outperform without locking up too much cash.
I will traveling this week so I will not be publishing any videos until the end of next week. Check back for other content.
Do the expert opinions that are jammed down your throat about the economy and what the market should be doing help make you money?
If yes, keep listening and reading to your current sources.
If no, consider another direction.
I still struggle to avoid fear and greed as the defining impulse to buy and sell stocks/ETF’s, and I have not found the easily accessed information to help me make money.
Some decision making tools are better than others.
Check back this weekend for a chart review.
I feel it too. The market keeps going up seemingly unaware that the world is a mess, the Country is in less than perfect shape, and people are not as happy as they should be to support a bull market that is at all time highs.
Just use your ability to analyze prices on a chart to be your guide and stay with the trend. Buy when prices seem to be points when buyers besides yourself seem to come in (support) and manage the risk of being wrong with whatever risk management strategy works for you.
Check out these charts:
P.S: ZYNGA mentioned in the review just got clobbered and is down 14%. Always pay attention to earnings. FB pops, ZYNGA drops. There is risk holding over earnings.
Some fantastic opportunities today and there are plenty more to come.
Check back later for a video chart review of the:
SPY, FB, DNKN, CRM, SFUN, LNKD, SMH, IWM, SBUX, MELI, ZNGA
FB getting tremendous buying interest this AM. I have a small position at a cost basis of $30 that I will hold and add to if this momentum proves sustainable.
Premarket, the S&P is down, Nasdaq is up, no question this is a confusing market.
Chose the stocks you like that are at support on the chart, start small, and stay in sync with the trend, that despite the noise, is still up.
Only add to winning positions unless your plan is to add ONE TIME below your initial buy point. Manage risk with stops or position size. Commit to learn how to exercise patience.
There is a time to buy, hold and sell. Get those wrong and you will lose your money.
Check back later this evening for a video chart review of:
But, if you want to see how to perform a day trade with a 3x bear instrument (TZA) check out our thread at http://stocktwits.com/marksmarketmusings