Just a Few Thoughts….
- Posted by JC Parets
- on October 27th, 2011
I have so much to say but I also have a lot of trades to do today.
I was up at 6AM ready to put out a killer post and my internet at my home office has been down. You should hear some of the messages that I left Time Warner. These people are incompetent.
On a brighter note, stocks are ripping after this Europe news from last night. If you’ve been reading Allstarcharts, you know that we were looking forward to this level to peel off some of the positions we put on in early October. As sexy as this market looks and as bullish as everyone is, we have to be disciplined. I’ll be selling some stocks today.
You have to be proactive in this choppy market. That support from this Spring & Summer that was broken in August is pretty much where we are today in the S&P500 and Dow Industrials.
The Nasdaq100 is getting close to the highs around $59.00 – so key resistance here as well. I find it interesting that the Russell2000 has been lagging the rest of these larger-cap indexes.
Some of the best traders I know are confused with what to do. I don’t think there is any reason to be a hero. Whenever in doubt, get smaller. Nothing wrong with that.
I’ll be getting smaller today. Good luck out there.
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J.C. Parets is the Founder & President of Eagle Bay Capital, LLC. He earned the Chartered Market Technician designation (CMT) and is a member of the Market Technicians Association. More
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