Summary: Continue to maintain a LONG/HOLD position.
Once again, no change since the last market update to alter my opinion. The market continues to push through it’s daily highs as it marches forward. My previous updates remain right on the money. Please click on the links below to see them.
With that said, I would like to point out two things that you must keep in mind.
1. As of right now, everyone is asleep at the wheel. Meaning the market is continuing its slow ascend and the volatility is not there. Everyone expects this to continue indefinitely.
2. Bullish sentiment is close to record highs. I don’t see any bears. None at all. Even the people who used to be bearish have turned bullish. Bottom line, everyone expects the bull to continue.
When you combine both factors together, you end up in a dangerous situation. Kind of like speeding while driving drunk. In more simple terms, the market is perfectly setup for a volatile down move here. As we continue to hold our long position we wait for the reversal and the confirmation that the bear market into the 2016-2017 bottom has started.
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Stock Market Update, November 15th, 2013
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