Yesterday was what we have been talking about – a bit of a pause. Some consolidation is just what the market needs. And while the week was off to a slightly negative start, dip buyers once again showed their confidence – or fearlessness – and stepped forward during the final hour, preventing the market from finishing at the worst levels of the day.
There is not a whole lot to say that we have not already said before, but reminders seem in order given that we have some new readers.
Yes, the market has been in need of a pause. But to think that a pause is all that we believe that we need to confidently jump into the market with both feet is not correct. Our large belief is that many of the critical economic problems have not gone away. They are not yet solved. And until we feel greater confidence that solutions are in place and working, we will remain particularly vigilant.
Based on the above, our own belief is that shorter-term trading is more in order – with profits definitely taken before they go away.
Our eyes are focused everywhere – on the news, action in the global markets, the $USD, etc. Pretty much everything has a cause and an effect -- and we are keeping that in our minds.
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