Ok surf I expect some sort of stand to be made by the bulls shortly, either in the form of a reaction wave or basing action. I was just guessing it may take place friday and into next week's option expiry, but it might come sooner. I would prefer a reaction wave that appears very weak, that would make me uber-bearish at this point, and I would be targeting weak stocks / indices.
Until my analysis shows a weak wave up that cannot get to new highs, I will sit on hands here. I've been out of mid-term longs since mid-october, and waiting for some resoution on the daily chart timeframe. There is always the possibility this most recent action is a shakeout and a melt-up could happen, but I don't favor that outcome in the near term even with respect to seasonality.
Although a good bit of your style contrasts with mine, I enjoy reading your journal here quite frequently, FWIW I figured I'd toss in my analysis for the 3-5 day+ holding period trades. I'll try and toss in a few short ideas if and when the market tells me too.
As always goodluck,
