After my market timing signal went bullish on the 14th, it appears the smart move would have been to accumulate positions (in either ETF’s or individual market leaders) but it didn’t really play out that way. I got shaken out of the markets yesterday but did manage to pull some gains out of the QQQQ’s and a few minor long positions. After getting whipsawed I got back long today and today’s strength for the moment seems to have negated yesterdays weakness.
The charts below illustrate a few encouraging signs but these most likely are the bullish divergences for most of the July move higher. We need to have more follow through days to prove we have the ability to reach the June highs. I have my bull hat on right now but that can change daily with the volatility in these markets.
A few nice charts are ISLN OVTI CPX RBCN.
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