Are the markets being held hostage by….The Election? QE2 News? Fibonacci Resistance? Power of the Pattern? Do they need a hero like “Dudley (BEN) Do-Right” to come along and save us?
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The markets have been fairly quiet the past couple of weeks. Are they being held hostage to certain news events? Will one of the above mentioned events finally cause a breakout from the quiet action of late? I suspect it will.
Harvested gains couple of weeks ago (see post here) and am attempting to be a patient grasshopper (see post here) as these patterns resolve themselves. I suspect this might be boring to many people, yet I am comfortable with this since “Risk Management” is so key to short and long-term success….. I am not attempting to hit a home run or be a hero. Just wanting to hit singles, create more pocket-change (see post here) and “inflate portfolios regardless of market direction!”
Resistance is resistance until broken. Glad to have a ton of cash right now with these type of patterns in place, yet if a breakout takes place…..I will BUY THE BREAKOUT!