Friday, November 19, 2010

State of the Stock Market - 11/18/10 - "No Change"

Not much happened today on Wall Street in terms of the overall picture - stocks did bounce back from some early selling which is a big positive, but the overall gains were very light and I don't think today can qualify as "follow-through" for yesterday's big rally.   We really have a mixed picture right now and it might take a few more days until we get a little clarity about where the market heads from here.

I remain in cash - I saw a lot of ugly charts last night that told me it is best to stay on the sidelines right now.  The charts weren't necessarily bullish or bearish - they were just all over the place.  Hopefully we'll get some patterns to form next week and have a little more confidence about which direction this market wants to go.   I will be back this weekend with a video - until then, enjoy the next few days away from Wall Street.   Take care.

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