Fridays always come as a difficult day for traders to find stocks to buy. Some traders close their stocks out for the week while others jockey for positions next week. Holding stocks through the weekend can be dangerous. One headline out of China or Europe could gap stocks down on Monday. There are a lot of interesting stocks to buy out there but are not at the proper entry point…yet. Stocks are on the cusp of a violent break out or break down. It could go either way. When stocks are at a pivotal point, one headline could usher stocks into a new trend- up or down. We are currently in an uptrend where stocks should be bought on pullbacks, in our opinion. However, with most stocks and indexes being right above or below resistance lines, anything could happen next week. (Probably why the market is flat today because traders are not sure which direction we will pick). The dollar (uup) bounced off of the 100 yesterday as expected which sent the Dow down but, uup is now at resistance of the 50 day moving average. It looks like a roll over pattern to be frank- suggesting stocks will move higher next week. But who really knows? All we can do is hurry up and wait to buy stocks again. Watch close for the signal.
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