Watchful and Alertness

Watchfulness and Alertness are very important ingredients in trading.

Today, the market gapped up at the open, but instead of getting off to the races, the market remained choppy for the first half of the morning.

The charts of the major indices showed overhead resistance being tested and the indices unable to get through the resistance. They were turned away the two or three times they made the feeble attempt to challenge the resistance.

In addition, Rev. Shark announced that while the setup remained decent, he was having some problems with a few of his small cap stocks.

Hence I decided to get rid of my long RUT position. And that was a good move, for now the market has begun to correct meaningfully.