Still waiting for the right set up. As long as the HFT’s and other machines continue to screw with the market, then the longer it’s going to be before the right set up comes along.
So now that $SPX has broken the rising trend line, we’ve gone from this:
This is a dangerous market, once again. Today’s convincing rally off the morning lows reeks of distribution. Unless you’re an adept day trader, then I say cash is a good place to be.
Just a heads up, but tomorrow at 7:00 A.M. ET, JPM releases earnings. Also, what are IBM & the $SOX saying?