Yesterday was very interesting for me. I spent all of last night packing and preparing for my trip to Cancun (I will be leaving later this evening, and no, I'm not finished with preparing). Around 2PM, I fell asleep at my desk and woke up at 4:20PM - right after the market closed. It's great to see that FAZ didn't go to hell at the end of the day, but I made a fatal mistake. Don't trade when you're too tired to function, since it's like trading when you're drunk, maybe worse. In any case, I still hold the remainder of my FAZ and I'm willing to play it out as the market consolidates its gains.
There is significant overhead resistance as the market and most sectors are riding along the upper long-term multi-month channel trend line. The line also marks where the 100-day MA is located. We will consolidate here in the 50/100-day MA box until the market makes it's decision. I'm surprised by how some people "know for sure" what's going to happen. If that's the case, go ahead and draw on your credit lines, mortgage your house to the hilt, max out your credit cards, and go make your bet.
The future is uncertain, and I took a poll to see what people think regarding how long the rally would last, and here are the results:
| How long does the rally last? [175 votes total] | |
| 1 day (45) | |
| 2 days (26) | |
| 3-4 days (13) | |
| 1 week (17) | |
| 2 weeks (13) | |
| 3 weeks (13) | |
| 1 month (20) | |
| 2 months (9) | |
| 3 months (7) | |
| Longer... (12) | |
1 comment:
Enjoy Cancun.
What a great party place.
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