Here’s What NOT To Do In This Market

Posted by Joe Duffy | Dec 1, 2023 | Joe Duffy's Trading Advantage | 0 |

The last hour of trade on the last day of the month on Thursday saw a strong rally on strong volume in the broad market. Is that bullish? I think it is not. Rather I think it is just another indication the market has been short and it is getting squeezed. I have been bullish since the day of the low exactly 5 weeks ago, and moved to neutral and cautious a couple of days ago.

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The market could go a bit higher, it might not as well. Most important thing here is not to chase longs. I would not chase the shorts either, but don’t mind starting to initiate shorts into rallies like we saw the last hour Thursday. When I have a stock I specifically would like to buy puts on, I will share it. For right now don’t be long, don’t chase shorts on way down, not too bad to initiate shorts into strength. The attached chart shows they are just whipping both sides going nowhere. Patience.

Thanks,

Joe

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Joe Duffy

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