The somewhat choppy uptrend remains in place, although the increased volatility the last few trading sessions have resulted in some long positions pulling back, as well as a couple of stops being triggered. Despite this, my portfolio held up well last week.
As I have seen elsewhere on the web, people are declaring the the move up is over, and that there will be a downtrend over the coming weeks. I will let the price action determine if that is the case. I leave picking tops and bottoms in markets to others, I simply follow the trend.
As it happens, I am still seeing significantly more potential setups taking shape on the long side than the short side, as well as the scan results coming up with a lot more long signals than short. In fact, the biggest issue I have at the moment is finding decent short set ups to hedge against my existing long positions!
As always, I do not predict the market, but wait to see what occurs, which then determines the bias in my portfolio. This trend may end tomorrow, it may end in several months. Until clear signals are given the majority of my positions will be on the long side.