Just One More Thing

No changes in any of the scenarios – things are in equilibrium right now and could swing either way – it’s not an easy spot to pick trades at this very moment. We need more time and more evidence.

Any of these scenarios are possible right now and the main reason for the bearish ones are the divergences I see between the Nasdaq, the Dow, the SPX, and the Trannies. The market however needs to show its hand and perhaps due to end of quarter tape painting has refused to do so.

I’m not going to sugar coat it for you rats – picking a direction is extremely tough right now as the count is stuck somewhere in the middle and thus accomodates both bearish and bullish scenarios. Once we see a strong move in either direction we can place our bets, but right now doing so would be tantamount to gambling and you all know how I feel about that.

In a way I am actually hoping for a spike to the upside. A drop here would be terribly unproductive and I would most likely not be eager to participate as I refuse to back up the truck inside of limbo land.

Anyway, I usually stay quiet when there’s nothing to do – and my current recommendation is to keep watching the tape and collect sufficient evidence until we are ready to make our case.

I know trading equities has not been much fun since early March – but like anything else in life – even this shall pass, that much I can promise you.

Columbo out 😉