The intraday reversal today was ugly and worse it came on strong volume but does that mean that it is time to call a top? Absolutely not. It is never the time to call a top. The greatest traders of all-time never called tops or bottoms and were never bullish or bearish. They just played the market, trends, and stocks that were in front of them now. After looking at my scans today there are still just too many well-formed charts out there that could use a nice pullback to base out and continue higher. An even stronger testament to the strength behind the weak market today is the fact that out of 34 longs I have only one full sell and zero partial sells. If today really was weakness all over I would have more than one full sell and have multiple partial sells. The facts remain that this market is flat on a short-term trend and up on all other trends. Those are facts and not opinions. That is what we work with here at BigWaveTrading. Those on TV spouting off at the mouth with their opinions have an ego bigger than the size of Texas. That goes with a certain website that I contribute to. I just can not befriend my fellow contributors who seem to think their job is to keep you broke and keep their ego large. There might be some weak stocks out there but there are many more strong charts. Most importantly, the higher priced leaders still look good to great. No top calling here. The market will have to prove to me it is topping before I start selling my portfolio of longs and go short.
new short positions: none
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