waiting patiently to see which way the flags and pennants on most of the indexes and key stock break. odd favors a downside resolution but it could go either way. we’re so close to a break one way or the other that it just doesn’t warrant taking any new positions, long or short, until we see which way these play out. regardless of how these break i also believe that the overall near-term technical picture is not very clear right now so personally, i’m not looking to take on many new positions regardless of which way these patterns resolve but keep in mind a lot of that has to do with how i’m currently positioned (net short with a small amount of long exposure as a partial hedge).
also keep in mind that although i will often share what positions that i’m opening or closing or how i’m positioned overall, i only post a fraction of the trades that i take (or close) and my overall positioning can and often does change frequently, often without notice. it would be nearly impossible and impractical to post every single trade. i occasionally post trades or positioning as a way of communicating my overall take on the market but remember, always trade according to your own trading style, risk tolerance and opinion of the market.
