Longer-term, I am about 99% sure (never want to be 100% sure in any market) that we are topping here and starting a significant correction. The patterns are there on both individual stocks and the overall indices for this correction to occur. It just might not happen immediately without some last-ditch efforts by the bulls. So basically, my main outlook is that any bounces into the short-term moving averages on stocks or ETFs are shortable and I will wait for a few of these before getting heavily short. Again, this is just a hunch.
I hope at least some of that makes sense. Good luck next week - may be slow once again early on due to the holiday. Take care.
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2 comments:
Hey Mac!
Nice job on the blog. If you dont mind me saying/asking, do you think that due to getting stopped out a few times earlier this year in spite of being right, that you are being little scared to pull the trigger these days?? Thanks!
No doubt - the string of small losses I was experiencing even though the stocks eventually acted the way I expected them to did affect me psychologically. I will get over it, but I am just having a tough time jumping back in with both feet. I think I've built up a very high level of distrust for this market and that distrust works on both the bullish and bearish sides.
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