I guess it was a little odd not finding any shorts tonight in the scans but after remembering how low volume was, again, today, it became clear to me that the chances of having any were small to begin with. So after going over the 31 candidates which is actually quite a small number for even a low volume down day, I believe it is still safe to just hang out in cash. I am not sure about today but I know yesterday that despite the losses it was an overall bullish session with a lot of longs to still look at compared to shorts. Today was more bearish than yesterday, for sure, but it was not that bad as there were still quite a few longs holding on and only one long out of 40 needed to be eliminated. So that indicates that the lower volume pullbacks are actually healthy right now and unless we actually get a real distribution day here, where we fail these 50 day moving averages, I just don’t think it is smart fighting momentum and would keep my powder dry looking to short the next time the market decides to selloff on higher volume. But if we get more volume to the upside and start rallying with a ton of CANSILM quality longs breaking out, you can be sure I will not be short anything. Just like all the uptrends since 1997 which was the first year I felt comfortable going long stocks for days that were in uptrends. Thank God, Featured cured me from that NASTY daytrading disease that I had before getting my very real Multiple Sclerosis disease. Thanks to Mr. Livermore and Mr. O’Neil, I learned the correct way to make big money in the stock market which requires holding your winners as they climb higher into big climax runs and getting rid of your losers immediately when you are wrong. Aloha and I will see you in the chat room!
new short positions: none
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