Which Way is Up?
- Posted by Greg Harmon
- on May 17th, 2013
Earlier this week I commented to one of my partners that the market felt like it was reaching the acceptance phase. More and more commentators that have either been bearish or have moved to the sidelines because of the ‘froth’ have been showing up as on board the train to higher prices. Is it that the Transports are confirming the Dow higher? The rest of the world markets joining in? Just tired of being wrong for six months and need some new clients? I do not know. But for the last few of you that still want to piss into the wind let me try to change your perspective. You know who you are. The people that when I point out a hint of an upper shadow at a Measured Move on an index ETF start to go Tasmanian Devil crazy about shorting Google or some other major uptrending stock. If I have mislabeled you, because you are not really looking for a long downtrend reversal, but just to capture a short for a few points, then I apologize. You cannot be helped. This is asinine looking for 1 or 2% reversals in a raging bull market. I have said it before. You do not get paid with extra special bonus dollars if you make them from being short instead of long. Dry yourself off and go with the trend. If you are having trouble identifying the trend here are a few simple Renko charts of the Dow 30 ($DIA), S&P 500 ($SPY), Russell 2000 ($IWM) and Nasdaq 100 ($QQQ). I added some notes to make it even easier.
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Gregory W. Harmon CMT, CFA, has traded since 1986 and held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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