The daily pattern of a mid ranged consolidation calls for higher prices and perhaps sharply so.
I still have yet to get the strong confirmation that I need to put the last low as an intermediate term low, but as a whole, the market remains on a fairly predictable course of higher prices to come.
I did a bit more buying today on the afternoon weakness and as of now I am 35% allocated in the trading account and 100% un-hedged and long in the long term equity account.
One positive I did like today was the amount of put buying that went on at the first sign of weakness. This is a start towards the majority of investors being nervous and a bullish indication.
Continue to use weakness to accumulate quality issues that have been beaten up, but for your trading account do not move over the 50% allocated level until we get stronger confirmation.
No comments:
Post a Comment