SP-500 defending support area.

Where are we going next ? We are going to go ..... with the flow.

Defense is not only the best offense in this business, it is the only offense that works.

There's time to press and then there's time to sit and wait. Sitting and waiting and a lot of patience is required now.

The essence of success and happiness results from actualizing your potential, which requires a constant process of learning and growing, as well as the recognition that making mistakes is an inevitable, even essential, part of life.

Think about it!

It could help you set up your objectives.

Watching.

Right now, the best new action might be no new action. Let things
shake out. There aren't a whole lot of meaningful setups anyway.

Someone said, “Luck is what happens when preparation meets opportunity.”

Success occurs when you have a definite purpose for your life and you take the initiative to follow through with action. You may make mistakes occasionally -- everyone does -- but any action is far better than doing nothing.

So what do we do now?

The market is severely overbought--gaining
nearly 6% in 5 days. It's very dangerous to buy it at this
juncture. Keep stops on open positions and wait
for a break of the range or a pullback to get involved with new positions.

Secret to becoming a winning trader is to make it okay to lose.

Winning is great, sure, but if you are
really going to be a successful trader,
the secret is learning how to lose.
Nobody goes undefeated all the time.
If you can pick up after a crushing
defeat, and go on to win again, you
are going to be successful.

As you consider your own goals, also consider what you are willing to sacrifice for what you expect to receive.

In the arts, medicine, science, or business. Nothing worthwhile ever comes easily. As you consider your own goals, also consider what you are willing to sacrifice for what you expect to receive. You should be prepared to give generously of your time and talents long before expecting a return on your investment. Many “overnight successes” worked in obscurity for many years before they finally achieved their goals.

Opportunity comes often. It knocks as often as you have a trained ear to hear it, an eye trained to see it, a hand trained to grasp it, and a head trained to use it. - Warren Buffet

                     The information contained herein is for educational purposes only.

Today, it looked like low-volume, end of quarter window dressing.

Today we had an upside reversal on good volume.

Today we had an upside reversal on good volume in Nasdaq and Russell. Dow and S&P closed a bit lower with small losses. What is worth noting is that in spite of all doom and gloom around us we had not set a lower low. 200dma is holding for now and the bulls are hoping it won't break. The market likes to surprise and a new trend often emerges when the majority least expect it, so it is worth staying alert and watchful for clues left by leading stocks and major indices.

Watching for clues.

Nice momentum than pullback and sideways consolidation. Today we got a break-out on high volume.

Notice!

IBD reported that follow-through days in June have had a poor record of success. According to IBD, in the past 10 years, June has delivered four follow-through days — 2001, 2006 and two in 2010. Every one of them failed. On May 31, the NASDAQ Composite flashed a follow-through day, but that too failed.

If you decide to trade now, keep positions small and stops tight until we get confirmation that the market has indeed bottomed.

I was looking for a positive follow-through day and this was it.

Today we had a gap higher at the open and went back up to prior swing highs and broke and closed above them. We settled out at the 20 day moving average and the consistent series of lower highs have finally been broken. In sum this is indicative of noteworthy shift in the balance of power. Weather that shift in power is going to stick will be tested tomorrow afternoon with the Fed announcement.

Who are the major holders of U.S. equities?

Two nice looking charts!

Waiting patiently and ready for a turnaround!

Reminder: The information contained herein is for educational purposes only and is not, and should not be construed as an offer to hold, sell or an offer to buy any securities.

Hanging around 200 dma.

It could rally from oversold levels, but waiting for stocks to set up proper low risk buy points is prudent thing to do. Patience.