After looking at over 400 different charts this weekend I’ve come up with a total of 3 stocks that looked somewhat decent. I use this as a sign that the market is not a healthy place for putting on either longs and shorts. Instead, we will manage current positions.
From my experience this is the hardest part of trading. Doing nothing when there’s nothing to do. It’s times like these where I would look for trades and in turn, force trades that didn’t quite meet my criteria resulting in necessary losses.
Rather than go into each day and week searching for something to trade. I go through my watch lists each night looking at stocks from different sectors, industry groups, and market cap. If there are no setups presenting themselves I simply wait. Cash is a position and while it may not be a very profitable one, I’d rather be flat at the end of the week than down.
Stocks to Watch on 1/23:
Longs: O, ROST
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