"after all, we are in a bull market."

What do we do now? Things look good and markets are banging new highs but there is always something around the corner. The market needs a breather, it needs to breathe in and breathe out, now it's very overbought and best thing to do is manage open positions and wait for a pullback for new set ups and entries. As always one day at a time.

Barron's magazine cover; Dow 16,000!

this chart is from John Hussman, showing a new one and two previous Barron covers and market action, timing is not perfect, nothing is, but gives us a clue of what it could be

follow up: UNG

don't get scared out but be aware of the bigger time frame and what we are doing here, have a fail-safe stop at break even on the remaining position, just in case

“I look for conditions of disequilibrium. They send out certain signals that activate me. So my decisions are really made using a combination of theory and instinct. If you like, you may call it intuition.”
~ George Soros

I would say, market analysis, as many have observed, is an art, not a science.
Action, this is where the rubber hits the road. In the end, however, the "hidden ingredient" for market success is the trader's own instincts or intuition.

intraday 5min. view of SPY's price action

someone was playing games today

Take things as they are. Punch when you have to punch. Kick when you have to kick.
Bruce Lee

follow up: UNG

We talked about this break out and we are getting it today. What do we need after a b/o ? We will look for a follow through, that's the key now, follow through.
May the trend be with you ~ and you with it.

S&P 500 cash

One day at a time, today we got an inside day and can go ether way, and trading back at the top of the range, the line of least resistance continues to be upward.

What to do when in a range?  As the trend rider, there's not much to do when a market is stuck in a range. Manage your open positions and just sit on your hands. If it rallies out of that range-and sticks, then you look to buy. If it sells off out of that range and continues lower, then you look to short. It's that simple. I used the word simple and not easy. If it were easy, everybody would be doing it.

Trading & Ego, The Ultimate Chess Game

http://www.youtube.com/watch?v=chzqWI346DI&feature=youtu.be

How much further could gold fall?

                                          The truth is that no-one knows.

The 1970s can offer insights. The gold price from 1974-1976 corrected 47% before it rose 8x to peak at US$887/oz in 1980. Extraordinarily, the price increased 4x in the 13 months before the peak.