Thursday, May 12, 2011
We're seeing a lot of chopping around in the market over the past few days. I remain mostly in cash minus a day trade here and there.
So far we have a decent reversal going on today. Until some new leaders break out on strong volume and we see a significant breadth thrust (300+ on Stocks up 4% or greater) I will continue to remain in cash.
Finally, I'm watching the Slow STO indicator for a move below twenty. Coming out of this zone we should be able to find some strong moves to the upside. Right now just a matter of sitting and waiting for the appropriate time to pounce.