Today’s weakness prompted me to sell my two pilot positions ARUN – Aruba Networks and BTN – Ballantyne Strong and to go back to cash. The S&P 500 has now fallen back into its recent trading range and the markets continue to display indecision and choppiness. Although the leading stocks still display healthy patterns I would like to see more bullish patterns emerge. It is starting to feel like the strong stocks are ‘crowded trades’ whereas the vast majority of stocks is still encountering lots of selling pressure.
Up-to-date S&P 500 Index Chart on my public list.
That being said both ARUN and BTN still look great and I might reenter at some later point in time. The market needs to cooperate though. For now it looks like the Salmon Stocks will have to continue swimming upstream. I’d like to see a market environment where it is much easier for stocks to move up. Too much choppiness around. Not exactly the best environment for traders who intend to hold for longer periods of time. I will simply wait for better opportunities to set up.
Patience is a virtue.
My public list with all my charts can be viewed here:
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID2791469
Buenas noches!
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