A Step In The Right Direction

Profit-taking in energy, materials and precious metals along with concerns that the housing market is slowing down, enabled the bears to take control and push the S&P 500 to the year's low.

Just a few weeks ago the bulls were saying that this was one of the best market's they've ever seen. I'm not hearing that kind of praise for Mr. Market now, which is certainly a step in the right direction. Instead, even the aggressive buy-on-the-dippers are being relatively quiet now, I suspect due to being held captive by positions they purchased at substantially higher prices (see Google (GOOG) for example).

Unfortunately, for those of use who've been patient, I can't say that it is a great time to step up to the plate and swing away. This very much remains a daytrader's market where the only profits you're likely to see are the ones from flipping what is moving quickly and in the direction you are trading. I've been trying to adapt and grind it out with these folks, but I also have to admit, this is one tough and stressful way to make a living. You have to be prepared to lose in order to set yourself up to win overall, which isn't the type of environment I can really get excited about. But, then again, what else is new?

Have a great evening and I'll see you tomorrow. And, remember, if you find websites, articles, resources, etc. that you think others would like, please do not hesitate to send them to me. On average, about 25% of the links I share with you come directly from readers. So, please keep them coming!