We are very cautiously Long going into Friday's open and are likely to impose trailing stops within the first 20 minutes to preserve our recent gains.
Actionable Risk Opportunities, Tactical Musings and Timing Indicators for Investors
Thursday, July 16, 2015
Stepping Up...07.16.15
A strong day with an SPY open jumping to R2 and sticking at that level all day. The closing was equally strong and going into OP EX Friday (typically weak...especially into the close) we are confronted with multiple Long signals in the M3 model portfolio. We're getting very overbought on the indices and QQQ and XLF hit new highs today so the odds are SPY's not far behind....even though the odds for a pullback increase with each successive day up. This, of course, is all technically speaking as the wall of worry seems to have been at least temporarily forgotten.
We are very cautiously Long going into Friday's open and are likely to impose trailing stops within the first 20 minutes to preserve our recent gains.
We are very cautiously Long going into Friday's open and are likely to impose trailing stops within the first 20 minutes to preserve our recent gains.
