Patience Pays

I know some of you took this trade on the upside and in some cases are already out with a nice little gain, however for those who may be in agreement with selling/shorting in to higher prices, I'd stay patient and let this play out.

The biggest danger I see is the aggressive selling we have seen for at least 3 days in to any kind of price strength, that's reason enough for me to leave my short positions on, there are many other good reasons as well, but as far as gaining an edge and reducing risk by selling short in to strength, let some strength develop.

What I see thus far on a preliminary look-about, is enough support to take this higher. The SPY looks to have the best underlying (strongest) 3c charts, the IWM has the weakest, in fact quite weak, almost scary weak. The Q's aren't that much different.

However consider that if there's a stronger bounce in oil than what we have seen this afternoon, a lot of oil service stocks are going to do better and help the market.

I say stick to the plan, stay patient, let a trade worthwhile come to you.

I'll have my preliminary charts up momentarily.