About Shark Watch
Friday, July 18 - 4:27 PM
Although the averages finished in mixed territory with the Nasdaq lagging badly, the market was able to hold on to its impressive gains from the previous two days. Certainly, that is encouraging, but as we stated earlier, most of the action over the past couple of days has been driven by stocks with absolutely abysmal charts while the areas that led the market for much of the year have broken down from a technical perspective. It’s been frustrating not finding better charts to buy, but if this is the beginning of a more lasting trend, then the set-ups will come.
While we have been taking some very short-term trades, this leaves us with a high level of cash, which is fine, because we still have a long way to go before we can even think about building longer-term positions.
In the meantime, earnings reports will continue to pour in next week, and as a result, we should see this market continue to move around. It’s impossible to predict how that will play out, but we are positioned well to take advantage of opportunities as they present themselves.
Have a great weekend and we will see you on Monday.