Waiting For The (next) Break

It can be nerve-wracking, waiting out the market to see what happens next.

As my mentor (David Weis) used to say, if you’re in a position “The mind remains active”, as the trade progresses, or fails.

Whatever your weaknesses are, the market will exploit them.

For now, we’re going to show just a segment of the SOXX, daily chart (as of 11:16 a.m., EST).

Semiconductors SOXX, Daily (segment).

The important part here, is the attempt of the SOXX, to rally.

Each attempt posting a (daily) high just slightly less than the high before.

On can infer from the chart, if a new daily high is posted (above yesterday’s 222.46), then the trade is probably failing, time to exit (not advice, not a recommendation).

Until then, we light up as many cigarettes as possible, attempting to stay calm. 🙂

Stay Tuned

Charts by StockCharts

Note:  Posts on this site are for education purposes only.  They provide one firm’s insight on the markets.  Not investment advice.  See additional disclaimer here.

The Danger Point®, trade mark: No. 6,505,279