I'm Standing Still Until SPX Breaks -- And Holds -- This level

Published 06/06/2016, 03:29 PM
Updated 07/09/2023, 06:31 AM

I'm at a point with this market where I'm not willing to add any additional exposure to the portfolio (currently 30% long, 70% cash) from a long-term point of view until SPX clears and stays above 2111. It is simply to choppy to get heavily tilted long when the bears could easily reemerge, taking the market lower and thereby establishing a textbook double top on the daily chart.

Frustration aside, the choppiness of the last 8 sessions has not been easy and I see no sense in adding new positions. Plus, we heard plenty from Yellen on Monday not to mention Bullard and Lockhart. So for now, I'm remaining patient. I'd like to add new positions, but I won't until there's some technical movement on the charts.

But go ahead and start picking stocks you'd like to buy once conditions improve:

Stock Trades For An Expanding Market

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