Please read the commentary and check out the charts at Trade Guild.net. Right now we are seeing substantial weakness in the inner breadth of the market, despite today's huge advance. I can not see anything further then early strength tomorrow, at least until I can do an intraday update to see what has changed. I would take advantage of the early strength to take any profits you might have or partial profits on long positions. Right now we are in the middle of the balance beam and it is difficult to say which way the market is heading.
WE WANT TO TRADE ONLY WHEN THE ODDS ARE ON OUR SIDE!!!
Right now, we have a slight advantage, but not what I'd call "The odds on our side".
The only trade that I see right now that I would feel good about going long first thing in the morning at market would be ZSL (Ultrashort Silver), I think it will see upside in the next day or two and I would and have bought it.
Check out the shorts posted on the April MAy list toward the very bottom, those are the trades we want to start looking at, maybe even start building positions maybe 15% at a time right now.
Overall, the path of least resistance is down and I wrote last week that we would see what we saw today-very bullish behavior that would make you question the wisdom of your shorts. Do NOT stare at the trees, see the forest. The odds and the profits will be on the downside.
If you have questions, feel free to email me. Any limit orders not triggered are still active trades.
5 years ago
