The waiting is the hardest part
Every day you see one more card
You take it on faith, you take it to the heart
The waiting is the hardest part
– Tom Petty
That’s what it feels like now. We are waiting for the May retail sales report due this Friday and if it is not really good I think that will be all she wrote. Until then, we are looking for setups.
Check out this chart. Everyone seems to be talking about a ginormous head-and-shoulders pattern and that means waiting for the right shoulder rally to peak before they start shorting. What everyone sees is not worth seeing.
If the retail report is bad then you can forget about the shoulder. If it is good, then the market appeased the masses. That happens all the time, right? And selling at 1150 is a gimme.
I hope you are getting the sarcasm.
