… is not just a classic tom petty song but also something i try to remind myself when the risk-to-reward profile of taking new long-side break outs is just not favorable at times like this.  many stocks have big moves just before and right into market tops or corrections, which may or may not be as close at hand as i think.  however, trading is all about making objective trades and making sure that the upside potential (reward) is at least several times the potential downside (risk).. i.e. the R/R ratio).  as many of the current red flags in the market have already been highlighted here, and i’m sure elsewhere, there’s no need to repeat them here tonight.  nor is there any point in updating the longer-term index and VIX charts, as although it might not seem like it, the market has gone basically nowhere in the last week (the nasdaq is slightly higher while the most diversified, and representative indexes like the S&P500 and Wilshire 5000 are below their highs made last thursday).  so basically, the broad markets have so far stopped at that multi-year downtrend line resistance.  are they just consolidating to digest the recent overbought conditions while building the energy needed to thrust out of this level or will the markets turn down from current levels and begin a new downtrend?  i’m sure that we all have our best guesses, as i do mine, but until we see at least some decent technical evidence that one or the other is likely playing out, i am keeping my trading light… hence the lack of trade ideas in the last couple of days.  i do, however, plan to comb thru the charts over the weekend to look for some new trade ideas as well as update some of the existing active trades.  i also plan to add a few sections to the site as well, which i will highlight as i add them.  for now, here are the 60 minute charts of the SPY, QQQ and NDX-E (nasdaq 100 equal weighted index).  good trading and please don’t hesitate to e-mail me any charts, articles, etc… of interest as i’m always looking for new ideas and varying perspectives on the market.