A lot of people sure are tripping-out over FRI’s session. However, I can’t stress enough that all major selloffs start after already having a series of lower highs and lower lows. If you do not believe me you can go check your own charts of every market decline starting back since 125 years ago. Those are just the facts.
Until I get a series of lower highs and lower lows, along with my longs failing, there is no way I will be looking to join the short side just yet. Had I done that about two months ago, and sold all my longs, I sure wouldn’t be in the position I am now in with my accounts.
Patience is a virtue in the stock market. Predicting future market outcomes is the methodology of newcomers and polyanic traders that NEVER last long in this long-term game. This is how you have 14 years and survive against having 3 years and burning out. I am 30 years old and I am VERY sure I will be doing this for AT LEAST another 30 years. You know how I do that? One market session at a time. I don’t live in the past and I don’t live in the future when it comes to the stock market. That is for short-term burnouts.
The market is still in a technical uptrend. When it is not, you will have lower lows and lower highs. Also our longs will start failing and we will have to completely sell what is working right now. I even have a new long for Monday. Could it fail? Yes. Will it? How the heck do I know. The odds say it will not. That is all we have: the odds of history.
