There are no new short positions for Tuesday as the market continues its uptrend that started in July and has gained steam the past three sessions. Despite the big price moves in some stocks today (the stocks in my main long scan), there will still some stocks in my short scans. Clearly, though, none of them should be shorted when we have such a powerful three-day uptrend with some solid chart patterns out there. If the breakouts fail, we rollover on higher volume on the indexes, and those leading stocks start re-breaking down on volume, then maybe we can look to rejoin the short-side. However, right now, it is not the right time to be going short. This market is still mixed more than it has a clear direction right now. The only thing telling me to lean bullish in the short-term are the charts.
new short positions: none
none
Joshua,
Do you still recommend keeping about 80% in cash until we establish a clearer trend?
Thank you.
Absolutely, I don’t have perfect charts yet and I still do not see above average volume on big up days. If the market is going to run we have a few weeks to see some real positive action via the charts before I start investing a lot of money.