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Market Comments for August 20, 2014

 

Yesterday the market looked a little different between the QQQ and the SPY. The QQQ left an extremely narrow bar but it did maintain a higher high and a higher low. The SPY left the larger green bar but ran right into the prior high at “1”. Between these two would is very likely we see a stall in the market. Whether it’s a one day stall or more can’t be seen right now is not really relevant. The market is still extremely strong and there are no real focal areas to deal with other than the prior high on the SPY at “1”. The likelihood is that we will see the continued stage II uptrend continue and likely in a very tight range. At some point the market will pull in due to profit taking but when that happens is not terribly relevant; let it happen. As long as day by day continues to grind higher the bulls still feel comfortable.

More money is lost by traders who try to pick tops because they have no training. Don’t be one of those traders. Wait until you look in your rearview mirror and you see the top is ready in place. Don’t be the hero, make money instead.