Sunday, May 21, 2017
Where is the market headed from in hear in the near term : up or down, rally or correction (or minor pullback)?
I don't know. And no one else knows. I have seen a plethora of talking heads and people who make money from selling subscription services, Youtube views, and charting services making bold calls this weekend.
They have to be confident and pretend to know the future in order to gain subscribers to their expensive subscription services and newsletters--or viewers of their videos in order to collect ad revenue.
"I don't know" is a phrase that these people never use. But they should.
The market is in a state of purgatory right now, and no amount of technical analysis, cycles analysis, Elliot Wave analysis, or crystal ball reading is going to provide the answer as to what direction the market will take.
I am short SPY, with a small position using put spreads, but I will not hesitate to close that position out if the market breaks out to new ATH's.
Although I think the S&P 500 is heading down to the 2280-2300 region before a break to ATH's, I could be completely wrong. I want to be short the market right now, but not aggressively so in any way.
I don't have anything to sell, so I'm not afraid to admit that my analysis could be wrong.
