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Careful stock selection and sector rotation is the name of the game.
Yesterday we said:
“As you can see in the 60 minute index charts we are nowhere near the yellow brick road trend channel support zone. We’ll either pullback to it (price) or we’ll go sideways and range-bound (time) till it catches up to where the market is.”
Keep an eye on FIRE, DWRE and FDO as they are all building out rather nice Pullback Off Highs patterns.
Right now the market is in pullback/work off some overbought conditions. From here we’ll take our time and if anything slowly pick off some names on the long side during this pullback in the form of nibbling. See what we’ve been doing lately? Slowly but surely increasing our long exposure all based upon Pullback Off Highs chart pattern structure all the while keeping powder dry for fresh opportunities as they present themselves down the road.
We also offer a free newsletter for you to test drive us here. We have a really good month going here right now. We’re up about $6,000ish for the month. On an annual basis that comes out to $72,000 over the course of a year in a perfect world, but we all know the world isn’t perfect and we all know nobody can keep that pace up month after month without swinging for the fences. When you swing for the fences sure you’ll get some home run months but don’t forget the home run king (Babe Ruth) is also the strikeout king. We’re more interested in even keel steady as we go all the while using trade size risk management.