Tuesday, February 08, 2011
The rally continues. With SPY at 131.97, we have been long since 110, for a 21.97 point run since early September. This is why it is so critical to take every buy signal and not to try to second guess the trend which is always smarter than you, me, and all the self-declared pundits out there. Watch what they do, not what they say:
Some caveats: the sell-off on very heavy volume in late January may indicate some distribution and the most recent break-out to new highs has not been on impressive volume. This run looks a bit tired, but we should ride it until it tells us it is over. Sell stop at 126.15.
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