Markets experienced a brief pullback which caused us to be near term cautious earlier in the week, but we were still aware that the larger term uptrend had a better chance of resumption than a sharp pullback. When markets speak, it is our job to listen objectively, but the markets rarely speak clearly.
In the short term, the market whispers evil little thoughts into our ears while longer term messages are more clearly spoken, more sensible and easier to understand. Yesterday at the close I tweeted “constructive day, the short term “neutral to slightly negative bias” mentioned yesterday seems to be turning more neutral.” Well, today, the message is – buyers are back in control. The pattern of higher highs and higher lows is intact for $QQQ and the $SPY $XLF and $SMH appear poised to continue higher as well.
I realize the title makes no sense with the story, the point was- the foot is back to the floor (pedal to metal) for the markets as the longer term uptrend exerts its strength once again.