Evening folks. Well we got a market ripper today…after yesterdays weakness the bears needed to today to show some follow through today to get the ball rolling in their court. Yesterday all you hear was the glee from people pretending they caught the top in AAPL and were short and that would coincide with a top in the market..well those people got their nuts ripped off, cooked, then fried by big willy’s (mb_willoughby) plantation owning cousins in the deep south. Its very hard to fight a coordinated global pump and yet thats what people keep trying to do. This only really happens on twitter where you make a name for yourself by being provactive and making bold predictions. In the real world you fight the tape and you fight “he who has no name” your belly up broke..accounts blown..and my guess is thats whats happening to anyone who thinks they are smarter then helicopter ben. Yes we will pullback but when who knows.
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and remember the characteristics of a bull market
Grind type action a lot of .5% updays. Dips get bought quickly and then u just grind it higher..makes you think market is stalling but this action is typical
The dips tend to be much shallower then you think. Everytime you think a tank is coming you drop then recover a few days later
Stocks will look very extended
Momo/ Growth stocks rule
There will be sector rotaton as people pile into the non extended sectors ..trader will get into anything that seems like its lagging after big runs
As of right now there are no signs of distribution
This type of action will be seen till we break below the 50dma on the indices
try not to get caught in the hoopla…all you need is 1-2 good trades a day to make income. Just stay out of the bad ones!
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