It looks like the markets could indeed start to roll over soon. Judging from the S&P 500 chart on my public list, everything still looks fine. Lots of charts are still looking great and my daily scans still bring up decent patterns and stocks with high volume breakouts. The markets would need to show more pronounced weakness to make me change my mind. Technically speaking I am still looking for buying setups but I am being much more cautious here and not going to push it. Break-out trades to the upside are not working that well anymore. This is not the end of the world. So far this year has been great but it now looks like it will be more difficult to make money for a while. The charts will tell.
Up-to-date $SPX – S&P 500 Chart on my public list.
Today wasn’t exactly the best day of the year type of day for my portfolio. The last two stocks I added, AOT.V – Ascot Resources and CAN.V – Canaco Resources, have more or less dropped like a stone after my entries. That’s part of the game. Can’t be right with every single stock. As I’ve stated quite a few times in the past: Making mistakes is part of the business. If you expect every trade to work well and have problems admitting you are wrong, trading is not the right thing for you.
I am still in CAN.V as the ascending triangle still looks like a valid pattern. The reaction to today’s news was ugly. It doesn’t matter if the news is good or not – the reaction to the news is what counts. If the stock keeps dropping I will close out my position.
Up-to-date CAN.V – Canaco Resources Chart on my public list.