The market has been remarkably strong this week and anyone who is trying to fight the trend is getting hurt. I do not think it is a good idea, at all. There is no money in fighting the tape. As of right now we just need some rest in the indexes before potentially heading for all-time highs. It is VERY hard to initiate positions when the market is like this. I would look for a pullback to the MAs and then potentially re enter some swings or some more long trades. Basically what I am trying to say is that entries and exits matter. You must be prudent when entering during a trend, not just because it is going up. Be smart, and use clean entry strategies. Currently I do not think the market is ready for many heavy long positions. We need more time.
I have a very busy weekend but I will do my best to get the “weekend charts” done. The weekend charts are really helpful, provide a clean, and good watchlist.
Have a great weekend, and I will be tuning in here on Sunday with the charts.