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| 4% Break Outs |
There has been a persistent but muted
bid to the market since 11/16. This buying was enough to flip the
timing model I use to buy and I acted in accordance and started to
initiate some positions. Regardless of what my views and
interpretations are of the market, in the end I choose to trust the
signals that I follow. Yesterday there was a rare tie in the +/-4%
break outs that I monitor with 66 each. I consider this stalling
action and am reminded of an earlier occurrence I documented in a
March post. I still maintain this view and am proceeding forward with caution as
of this time.
The Primary Breadth indicator that I
follow has also peaked and turned down. If this flips it will be another red flag for me.
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| Primary |
For myself it was prudent today to draw
down my risk exposure by liquidating one position and taking some
money off the table to compensate for what I still have exposed. If
selling hits the tape and the Primary flips bearish again I'll look
to liquidate the reaming positions and wait for the market to reset
for me.
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