Stocks Get Follow-Through but End the Week Sluggish
October 19, 2008
Thursday marked Day 5 for the NASDAQ’s attempted rally, it finished with a follow-through day. There is much excitement that came with Thursday as news out of Omaha citing Buffet was buying American stocks that morning. For all the excitement the market only saw 8 new highs; not exactly the type of strength you need to see for a follow-through to be successful. This week was a day trader’s dream environment, but being able to trade consistently year in and year out as a day trader is next to impossible. Jesse Livermore recognized this and turned to building longer term positions catching 1,000% or more in gains. Sadly, our market is not setting us up for any of these winners. It will continue to be be choppy and whippy and geared towards those who will day trade.
This market will not change it’s stripes any time soon. It is best to study the past big winners and learn how they setup, run, and top. I feel this is the only way to prepare for the next great bull market run.
If this market turns, has great leadership and accumulation I will simply change my tune. In the meantime, its the sidelines for me.
Enjoy
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Stocks Get Follow-Through but End the Week Sluggish
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