Was Friday the start of something scary for the bulls? Was it just a pullback? Are we going higher?
Well, I, honestly, don't know. What I do know is that volume contracted, on all the indexes, from yesterday. So we can not say that institutions were heavy net sellers on Friday. Plus there are still too many charts that either hold up above key support areas or keep breaking out. With all the good chart patterns and how quickly the bears have come back out after ONE DAY, I still remain bullish on stocks. I follow trends and the trend is up. Now if within the next two weeks we keep selling off 1%+ and volume starts to pick up on the downside and we rally on lower volume then I will be bearish. But until that happens I still remain very bullish, tho not too bullish. I was 200% invested a week ago. That is down to about 120% now. And after finding more charts tonight and knowing there will be more next week, I am ready to go back on full margin if the markets continue this uptrend.
If there is one thing about me you will NEVER see. It is me going against an intermediate trend within the long term and short term time frames.
Once again my longs continue to act well, even after Friday's mild declines on lower volume.
New Swing longs: GFIG NTES HLTH CENT PACT / FADV BBD TCI. GIFG and NTES are the fundamental kings in this list.
With the way ABLE and GEOI have been performing in my portfolio (both up 50%+ in a very short time frame), I thought it would be smart to take some new positions in more small oil stocks that are making high volume breakouts or bouncing off the 50 dma on heavy turnover. TGE GDP BCON BDCO.
I will see you on Monday
Aloha
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