Tonight’s untimely post is due to me spending way to much time indulging in an overly uninspiring football game.
I sold out of my positions today when I saw the gap up on the Nasdaq, taking the chart outside it’s upper Bollinger Band on it’s daily chart. That alone wouldn’t normally be cause for me to sell out but I didn’t like how this market keeps plowing ahead without no real pause. I also noticed negative divergences on the 15/60 chart of the RSI on the Nasdaq’s chart which have been reliable in the past.
All in all I’d like to see a sell off over the course of 1-2 days that scares enough people out of their bullish positions, has the bears come out of their closets, and has the media proclaiming it’s lights out again for the markets. My timing system remains bullish and I’m trying to trade in and out of positions which isn’t always a great idea, but it worked out for me today, as my positions all closed lower than where I sold them.
One chart I wanted to post that is cause for the bulls to remain optimistic is the FTSE broke out of a bull flag pattern. I know Christian over at Perfect Stock Alert talks a lot about this index but I don’t remember him commenting on this pattern. Sometimes it can be easy to see only what you want to see when utilizing technical analysis.
