The markets are turning the corner. As noted in the Weekly Analysis the long-term trend turned bearish two weeks ago and continues to be bearish. Meanwhile the short-term trend has been range-bound for most of May. However, the short-term trend is flirting with breaking out of the range to the down-side. That being said, traders following Dr. Elder’s Triple Screen and the trend, in general, should look for shorting opportunities in the days to come. Look for stocks on the watchlist that have stochastics in the overbought range on their daily charts. If you have any open longs from the latest run up, you should probably tighten any stops to protect profits.
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I am an amateur trader and investor with over 15 years experience in the stock market. I was bred to be a fundamentalist and followed fundamental analysis until 2009. Following the 2007-2008 bear market, I began to shift from a buy-and-hold strategy to trend-following techniques.