Wednesday, May 19, 2010

A Look Through My Scans

I just got done going through my scans for the first time in probably two weeks.  Yes, perhaps that is bad of me - not staying in touch with the market and not doing the work I normally do each night.  Sometimes however you need a break.  Anyway, do you know what I found?   Nothing...absolutely nothing (unless you're looking for a bunch of ugly charts with all sorts of reversals and unidentifiable patterns that can best be defined as intense chop - then I got a ton for you to check out.)   All of the things I have been saying for the past week or so about staying in cash and not doing anything seems to be correct based on what I just saw in my scans.   Even if I did go through and plan trades and watch the market closely the past week or so, I can say with a good deal of certainty that I would have lost money if I played in this market.  The sad thing is that it is likely going to take a good amount of time for charts to look even half-decent in terms of potential setups.  The waiting game continues I guess....be careful out there.

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