Finally, the markets took a decent rest. The pullback came on lighter volume than yesterday. That is what you see in strong markets, after going up you pullback on low volume. Everything still looks good. I have great charts popping up today, even with the pullback, so the market still looks strong longer term. However, this pullback, is well welcomed to set up new positions.
I do have a caveat, however. I have been bullish on this market since May 4 and a couple days ago got cautious. I still remain cautious but with all the great charts out there (something you dont see in ALL rallies) I am leaning long still.
What don't I like about this market? The fact that since the April/May lows only one index has had a rally over 2% (SP600, May 18, 2.12%) is a bit disheartening. In good solid bottoms like March 2003, you usually get a couple of big moves over 2% on heavy volume somewhere along the early stages of a strong rally, in the indexes. We have not seen that and I think we should have seen that by now. However, we are in a low volume environment where 2% moves could now be hard to come by.
I hope everybody had a great day.
Long swing/position trades: PVH CTRP BSTE GLW VASC CWTR CAND GEOI
Longs alreay mentioned w/ another buy possibility: QUIK RATE STEM ASTM PRLS IVX DADE ABLE TAGS
Aloha and where is the surf??????
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