Was that the pullback?

The waiting is the hardest part

For the last few posts I've been calling for a not-insignificant snap back in the market action.  I thought it was happening this morning at the open, but alas the market rallied into the positive.  So be it.  I'm not one to say the market is wrong and I'm right, so perhaps the decline wasn't as scary as I thought.  I'm not giving the all-clear, but from an Elliot Wave perspective it looks like the short term market is trying to push a bit higher.

It is worth noting, however, that the original conditions that caused me to be concerned (a bearish divergence between the RumWave and the major averages) have not changed.  In fact, they are even worse now.   Waiting is the most difficult part of my strategy.  Many of my friends are anxiously awaiting the next "green light."  We're no where near it.  In actuality, we're much closer to a red light (and will get one before a green light.)

All that said, there is plenty of room for small gambles here and there.  I'm guilty of it.. trading is addictive.  I moved into and out of a Put for a small gain, then into and out of a Call for a small gain within the last two days. Sidenote.. making money in trading stimulates the same part of your brain as cocaine.. saw that on a TV show once so it must be true!

Today's scores:

Rumwave scores becoming less red = leading indicator.