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the market this week

Well virtually every financial talk show I watched this weekend talked about how great earnings are and we are going to the moon. Of course Abbey Joseph Cohen was on CNBC on Friday afternoon giving everyone a reason to go home confident with long positions. I don’t know, I am not getting short, but can’t be that good if everyone is on the same side of the boat.

The major indices are all testing highs from February. The market was pumping out some serious volume last week, averaging over 5 billion shares per day! If we continue to get that volume without price movement it will be a clear sign of distribution. Not trading too heavily now because nothing is obvious. Keeping my trading gun loaded, would suggest you do the same till we have more obvious info.

Categories: Market Set Up
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