The market got off to a good start, but it wouldn’t last too long. Volume on the NYSE as the S&P 500 digested its gains from the prior day while the NASDAQ added to its gains with volume. Clearly, the NASDAQ is the clear winner here and even though we haven’t seen the index digest its recent gains the gains are impressive. It pays to follow the leaders and their trends. It would have been nice if we saw the entire market stage an inside day, but we can’t be greedy. We know we have an uptrend in front of us and it is best we follow. In the end, we are in an uptrend and we are going to follow until we see evidence otherwise.
Just in one week we see the market bulls pull off their near historic highs (AAII, NAAIM etc) to seeing the market correct and scared bulls pull from the market. Tomorrow we’ll get a read on new sentiment reatings and it wouldn’t surprise me to see bears once again feast upon bulls. How will the crowd react to the recent move in stocks? We get our answer tomorrow.
Keep your nose to the grind. Tomorrow we’ll get retail sales in the morning and market pundits will have you believing we’ll see a big market move. They don’t know anymore than we do, but how we outperform is following our process. Stick with Big Wave Trading if you want to imporove you trading results.
