Thursday, December 24, 2009
The current market is one of the "easy tape". Whatever one puts on (as long as its long) goes up - technicals work like magic and stocks do exactly what they're supposed to. We all look like geniuses. Don't get complacent -- this type of tape never lasts.
Don't be the happy little pig lulled and fattened up by the "kind" farmer (mother market) before your throat is slit one morning and you're on someone's plate served as sausage.
We were telling ourselves this morning how we're hitting the ball out of the park with every trade, like we can do no wrong, and how buying every dip is working like magic. Right after we said that there was a moment of silence -- we've been here many times before in our 13 years of trading and often it comes right before a change -- when suddenly stuff doesn't work, and stocks don't obey one's playbook. Don't be complacent. The gig is on full-play right now -- enjoy it, play it hard, but be on alert for the possibility of a change into a less benign trading environment.
And on that cautionary note, happy holidays to our readers, and we'll see you here next week.
Posted by Highchartpatterns at 12/24/2009 01:42:00 PM