A boost from home sales figures helped kick start the bulls in early morning trading. Volume was running lower and trading was quite choppy as bulls and bears fought over their positions. However, it wouldn’t last as bulls took control once again pushing the stocks higher and closing near the highs of the session. Once again the Russell 2000 index was the leading index showing small caps continue dominate the market. A positive sign, but even more positive is how well our leaders are acting. The continued positive action continues to signal the market isn’t finished its run higher.
It is quite nice to ignore the noise spewed by the financial media. CNBC and Bloomberg among the culprits will continue to parade “experts” into their studios explaining what you should be doing with your money. Unfortunately, many of these “experts” are wrong even the great Jim Cramer. Ignoring the financial media is a great step to take to improve your trading. Hearing opinions, rather than facts (what you get from Big Wave Trading) will only lead you to doubt this current rally and let an opportunity pass you by. We certainly haven’t and from February 11th have been long this market.
Opinions are completely useless in the market simply because the market couldn’t care less what your opinion is. What is important is to look for high probability setups to maximize your potential for profits. This is precisely what we do at Big Wave Trading and our Platinum subscribers get these stocks intraday, setups in real-time. Ignore opinions like a stock is too high or overvalued are hogwash and completely ignored here. If you ignored high P/E stocks you would miss the majority of the greatest stocks off all time!
The put/call ratio fell today, not as a surprise as the market continues its march higher into new high ground. Yet the ratio still can’t seem to get into an area where sellers would be “complacent.” In time, when the market will put in a top we’ll certainly see sellers get complacent. However, to try and predict when the turn will occur is simply gambling. Since mid-February many market pundits have tried to guess when this market is going to turn and it has netted them losses. Go with the trend and with this many stocks, quality stocks setting up it is simply unwise to bet against the market.
Stay disciplined and go with the trend.
