So far this market has taken those with a ticket on a wonderful one way, non-stop ride higher. When does the ride end though and will it get bumpier now that we have pushed to new highs for the year?
We have been fortunate to latch on to this move early and to enjoy the fruits of that labor prior to the risk levels getting higher and higher. Thanksgiving week typically is a good one but given that we have 5 straight weeks of higher and higher moves, the risk levels are different now than they were even two weeks ago.
I began taking and booking some gains on Friday, removing about half of my portfolio. This week I will likely trim that further before the week is out. The more I look at the charts, the more I see the likely scenario being one of those two-day quick and hard pullbacks and I do not care to be extensively long when and if that occurs. I would rather be in a position to buy that hard sell off instead.
Gold is strong again this morning catching it's second wind. I was hoping for one more weak day but it appears that just one day is all we get. Although I didn't add as much as I would like back, we did stock back up for the next move there. We can let that run a little while I suspect and I'll not be too quick to cut things there.
Trading's getting tricky. Stay on your toes, lean long but don't get too greedy. Thinking shorter term at this point.
We have been fortunate to latch on to this move early and to enjoy the fruits of that labor prior to the risk levels getting higher and higher. Thanksgiving week typically is a good one but given that we have 5 straight weeks of higher and higher moves, the risk levels are different now than they were even two weeks ago.
I began taking and booking some gains on Friday, removing about half of my portfolio. This week I will likely trim that further before the week is out. The more I look at the charts, the more I see the likely scenario being one of those two-day quick and hard pullbacks and I do not care to be extensively long when and if that occurs. I would rather be in a position to buy that hard sell off instead.
Gold is strong again this morning catching it's second wind. I was hoping for one more weak day but it appears that just one day is all we get. Although I didn't add as much as I would like back, we did stock back up for the next move there. We can let that run a little while I suspect and I'll not be too quick to cut things there.
Trading's getting tricky. Stay on your toes, lean long but don't get too greedy. Thinking shorter term at this point.
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