This Bull Market is giving most fits with end of day pullbacks from the intraday highs, bifurcated markets, Weak SOX, non-confirming tech, SPX still no close above 1,300, and anemic Buying Power.
However, looking at the glass as "half full", we have New All time Highs in RUT, MID, SML, XBD, VAY and BKX (Friday). And that SPX creeping closer to north of SPX 1,300.
Reminds me of Jesse Livermore quote:
Be Right and Sit Tight!
"And right here let me say one thing: After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market. You always find lots of early bulls in bull markets and early bears in bear markets. I’ve known many men who were right at exactly the right time, and began buying and selling stocks when prices were at the very level which should show the greatest profit. And their experience invariably matched mine – that is, they made no real money out of it. Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance.” |
