Still bullish but would like to see some pullback
I wrote into my commentary for today’s ETF & Stock Trading newsletter :
“There is shortened trading week. Tomorrow is no trading in USA. But situation is still very bullish. Stock markets do not want to make any pullback. Such healthy pullback should offer good opportunities for new long trades.
I do not feel comfortable with opening new longs now.
Still the situation is not good for new shorts. Stock market bias is pushing weak stocks higher. It means that stop loss orders are easily triggered. I am now ready to open short trades with smaller size preferably.”
So I have found that E is relatively weak stock . I have trade setup for short trade in this stock
May 28th, 2010 at 1:53 am
you said that you don’t feel comfortable with opening new longs now? why is that? what do you wait to see and when do you act?
June 1st, 2010 at 2:30 pm
I do not like current posistions of indexes. They have not recovered fully to be bullish again. I will enter long in selected stock picks (like CPN , WCN etc.) only. Look for my page to check how I think about market in diffrerent situations: http://www.simple-stock-trading.com/market-stock-trading-trend.html