By Jeff Pierce
Yesterday solidifies my bullish bias on the markets. My timing signal hasn’t officially gave a buy signal on the markets, but its close enough that I’ll be seeking out bullish setups and avoiding the bearish ones until there is some sort of shock event that unnerves the bulls enough and causes them to run for the exits. I feel very fortunate that it didn’t take a short squeeze for me to turn bullish and being in cash for the most part over the weekend has allowed me to watch the market with a clear head.
Just to be clear I’ll still be sending out an alert to my free newsletter subscribers when my signal gives a buy signal on the indexes.
I know there are still a lot of risks and it will only take one piece of news out of Europe to tip the scales back in the favor of the bears, but as of now I have both feet in the bull camp.
Yes it’s a holiday week and trading will be light, but I’m not going to sit on my hands and do nothing as you’ll never make any money that way as a trader. The sidelines is when you have confusing signals, and depending on whatever your system is maybe you have those, so it’s best for you to sit out. My system is telling me it’s safe to buy quality stocks that are breaking out, so that’s what I’m going to be doing.
Below are some setups I’m watching as there are many more, but these are a few that I want to share.
3D Systems Corporation (NYSE:DDD)
Alexion Pharmaceuticals, Inc. (NASDAQ:ALXN)
BioMarin Pharmaceutical Inc. (NASDAQ:BMRN)
Crown Castle International Corp. (NYSE:CCI)
Jeff Pierce is a momentum trader that specializes in market timing. He utilizes a proprietary timing system that helps minimize emotions and trading biases within his trading plan. He offers a free newsletter at zentrader.ca that alerts you to trend changes within the market so you’ll always be on the right side of the trade.