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Today is the final trading day of the week, so let's do a quick review...
SPX - In the weekend report, I warned against 'shorting' the General markets . Surprises are still coming to the upside.
Read MoreToday we'll start with a quick market review, and so far things are really still playing out pretty much as expected. I then want to present another lesson on patience. It is important and a lesson on patience can be very helpful at times. It helps us to remain positive while we wait for what I think will be an exceptional buying opportunity in the near future.
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NASDAQ - The NASDAQ & The SPX dropped and bounced off of the 8 sma. So we see that the sell off was avoided for now, but these can still be topping candles. We also do have divergence forming at these highs, so we could be vulnerable to a dip in the markets.
The following chart is another reason that I have advised using that trailing stops...
Read MoreI spent much of Tuesday catching up on charts and various news articles that I may have missed over the long weekend. After all was said and done, nothing has really changed in my expectations going forward. Let's review...
SPX - After a shake out below the 50sma and recovery 8 days ago, the markets seemed to have put in another dcl and are near all time highs. These small pauses or flags may just continue higher so...
I said in the weekend report that I personally would not be shorting this bull market, since surprises do keep coming to the upside. That said, I am still keeping an eye on this...
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