September 29, 2006 at 8:34 am | | Comments 0

The Slow Drift

Slow Drift

This market just keeps on trucking! I wouldn’t want to be short it, but the slow drift higher also is making it tougher to find good setups for new longs these past few days. Some rest or even a brief pullback would help to create bases for many stocks which could get reset and produce stronger upside bursts in the coming weeks. I suspect there are quite a few who still want into the market, and that crowd is likely to keep the dips shallow for a little while here.

I’ve been trading the long side heavily and am still positioned long, but it’s a good time to be patient with adding new trades here on a Friday at the end of the quarter. Don’t force trades if they aren’t there. Once we see a rest there should be plenty of new opportunities arise, but until then the best bet is probably to stay long if you’re already in or stand aside if you’re sitting on cash.

I am excited though about the prospects for continued strength heading into the end of the year, and you know what they say about trends being your friend until they end!

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Jeff White
President, The Stock Bandit, Inc.

[tags]Stocks, Investing, Stock Trading, Trading, Stock Market[/tags]

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