Oct 7 2013 – OK I am late but you will forgive me I was out of town buying a new car. Hey time to enjoy some profits. My advice to you this week is, enjoy some of your profits, because they are about to shrink. I will show most of my indicators are rolling over and this being October I am extra cautious of rollovers in October. Not to mention we are few years in to a record-breaking recovery that has been amazing.
First off here is a video from CNBC and you should take this stuff with a grain of salt. I only put it up here to show you that the market climbs a wall of worry. Yes I am raising cash but I am not predicting a massive sell off like Carter Worth is here. But it is interesting to watch.
So I am not expecting the apocalypse but I have been raising cash for a few weeks anticipating a good buying opportunity.
The YP primary sell continues the march into the abyss.
NYSE 50 day Overbought is looking toppy
As does the NASDAQ summation index
and the fear index the VIX is climbing again
Not good at all. Financial stocks are really taken out to the woodshed. Visa was my steady freddy marching ever upward. . . right now it is being marked down.
Canadian Mortgage company MCAP is selling off on a big earnings miss, the divided is now over 9% but stay clear until the dust settles on this one.
So in any case the message is clear, up your trailing stops and you should have already sold your speculative issues. This is still a bull market, and you should not get short, but this could be quite a little dip here.