Stocks Keep Their Gains Amidst Housing Data
Posted on November 30, 2007
Filed Under Profitable Trader |
The major indexes have managed to hold onto their gains today after housing data showed an increase in new home sales of 1.7% for the month of October. There is also the hope of a Fed Rate cut on Dec. 11th that is helping to drive this market. The market leaders continue to do what they do best. AAPL, BIDU, GOOG continue to rally. The low volume today may mean the market is running out of steam as buyers are drying up. I could easily see this market turn around tomorrow and end this rally attempt. Don’t commit to any long or short positions yet until there is a clear trend. Sometimes the best thing to do is just sit back in cash and let the market tell you when it is safe to go back in. A third of the time the market goes up, a third of the time the market goes down, and a third of time the market moves sideways. Wait until the opportunity is perfect and then put your dollars on the table. Until then, just watch and wait.
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