In Cash I Trust
Despite the buoyancy of some financial stocks, the market remains in liquidation mode with fewer stocks in bullish formations and increasing volatility. Cash remains king, whether it be greenback or gold.
Until the above chart begins to show a new row of X’s on the far right, there is no need reason to get long this market, unless you are a disciplined day trader focused on a small time frame.
There is little statistical advantage to bottom picking in anticipation of a reversal, so I will let the market be my guide, and stay on the sidelines until the volatility begins to fall and more stocks begin to rise.