Excellent news, the S&P 500 (SPY) and Invesco QQQ (Nasdaq trade traded fund) have been hitting new all-time highs. This reinforces the stance I had that the SPY transfer down in mid-June was only a dip. It was a bit intense on the time, however I positively wasn’t speaking something bearish to the Moxie IndicatorTM subscribers.
It’s all the time nice to listen to concerning the market reaching new highs, however it may possibly make me a bit nervous, too. It is because there may be all the time a pullback lurking someplace and the longer we transfer up, the nearer we get to that pullback.
I had referred to as for a pullback within the Russell 2000 (IWM) and we acquired that this week. Now I’m simply ready for the SPY and QQQ to take their flip. Whereas they’d nice strikes, they’re additionally exhibiting indicators of being prolonged. A pullback would make for an important refresh of power. At this level, I’m principally sitting on my palms and my present portfolio… ready for that transfer down into assist the place we hopefully get some power and contemporary cash flowing in.
Simply be sure your timing is correct and when you have positions which are worthwhile, chances are you’ll wish to contemplate taking some off the desk so you will have extra to deploy when that pullback inevitably reveals up.