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MARKET MOOD: RED
The market must be feeling patriotic as we have a RED condition leading us into the 4th of July holiday weekend. LOL All kidding aside, I was frustrated a bit when I saw this. 2 weeks of a red condition while the indexes are pushing into new highs. What gives??
I took a short breather. Accepted it. And am back. 🙂
So what’s keep me in a red condition? Well a few things…
First, there’s 36 trade ideas this week. Sounds like a lot, right? It did to me. However, when I looked closer at them, only 3 of them really grabbed me and none of them are what I’d consider ‘A’ level trades.
To have a crop of 36 ideas and none of them to be ‘A’ level feels like opening a fully stocked bakery with yesterday’s cakes in the window.
Another cautionary flag is the New Highs vs New Lows. It feels off. The NADSAQ and NYSE are pushing into fresh highs and the number of stocks making new highs are drying up a bit. That’s the opposite of what I’d expect.
Checkout the charts of the indexes below for a closer look at the action.
Best Selling Author – Trading Coach – Creator of the Trade Gauntlet – Founder of MaraWealth.com
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