Tuesday, January 29, 2013

Still Waiting

The market continued to show weakness but it's not giving up easily. The MTT showed it's biggest decline in over three weeks but the long term indicator is still positive. We'll sit on the sidelines until that turns. There's too much risk of getting whipsawed if we enter now.

There's a chance the market will consolidate for a few more days and then rip higher. That's another reason for sitting out right now. The other option is for it to continue lower slowly before dropping like a rock. This is what I predict but I won't trade my prediction only what I see.

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