have had a difficult time in this bull market, in fact they have looked pretty dumb in many plays, but to be fair, no dumber than those who buy stocks in a downtrend. The old adage “the trend is your friend” is the premise behind the work I do, more specifically “trend alignment” across multiple timeframes. Right now, the long term still remains higher but the short term trend suggests we be careful, particularly if the QQQQ drops below 49.65 and the SPY drops below 153.00.
The trend is also what rules on WALLSTRIP and today Lindsay walks the streets of Manhattan to offer free hugs for short sellers.
Did you see the squeeze action in TLAB? NICE CALL for a squeeze last Thursday!
QQQQs could have trouble below 49.65, the short term chart below shows a possible head and shoulders top forming.