Just Chill

There are times when putting the pedal to the floor is the right move, and others when just cruising is advisable, this would be the latter.  Don’t chase breakouts here, the market needs time to collect itself and prepare for the assault on 1200.  There are setups to be bought, but when they are few and far between you just want to lay off.

I’m just under 20% cash and will go all in if the market holds up over the rest of this week, mutual fund Monday should be in full effect for the first Monday of the new quarter next week.  The equity markets are closed on Friday, so if you’re looking to position yourself, make sure to do it Thursday afternoon.

I’m looking at coal names $PCX and $MEE for breakouts next week.  $DRQ has also made its way back into buying territory and shows a nice pattern.  $NUS is setting up, pay attention over the next few days.  $SBAC looks good as well, that falling wedge pattern is about to play out to the upside.  Keep $ARST on your radar as well, I took a very small position yesterday.

Overall, this market looks healthy but needs time, go watch a movie or something, I think I’ll see hot tub time machine tonight.

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