"If you can’t live through adversity, you’ll never be good at what you do. You have to live through the unfair things, and you have to develop the hide to not let it bother you and keep your eyes focused on what you have to do." — Maurice “Hank” Greenberg
I don’t really know what’s going on here to be honest.
I thought we’d see a period of consolidation, and we are, but I thought I’d be able to grab a few shorts during this time but it‘s a no go so far.
I’ve tried 3 short positions in the last week and all stopped me out for small losses.
This market just doesn’t want to stop with Apple Inc (NASDAQ:AAPL) hitting new highs on Tuesday, Amazon.com Inc (NASDAQ:AMZN) on the cusp and Microsoft Corporation (NASDAQ:MSFT) not far behind either.
For me, I think doing nothing for a few days and keeping a close eye for new setups to form is best.
I always find, and have learned the hard way numerous times, that if I don’t know what to do, then do nothing.
SPDR S&P 500 (NYSE:SPY) bounced at the 50 day average and now has closed back above the 21 day average, which is positive, but I’m still having a hard time believing it, for now at least.
I just think we need more rest but I’ve been wrong before.