First time in a while that I didn't see any new setups worth taking. I only have 37 stocks in my momentum scan and all of them are showing signs of a reluctant upswing. We had a nice gap up in the market last Friday but it didn't close as strong as I would have loved it to.
I am half expecting the market to go down from here to pullback a bit after a 3-day positive move. I am not bearish, I just feel it will pullback a bit and maybe consolidate until the next news or tweet drives this market up again.
In the meantime, I have 3 positions on and I'm hoping that they survive this pullback. Otherwise I'm going to back to square one with my profits. But that is life.
It seems to me that investors took the chance to pare down risk last Friday and take advantage of the strong move. This is why I'm expecting a pullback rather than a crash towards the $270 handle.
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