Just time for a quick post after a busy week and before our vacation to Gotland , after which I’m off to London for Google, Seedcamp, and TechCrunch events.
So, about that market update. After trading, and blogging about, the mini-panic low of of three weeks ago, which lead to an classic relief rally, I’m out. Why?
- I’m going on vacation and don’t want to think about — or have much in the way of — open positions.
- While we are in the midst of the summer doldrums, you would expect more volume and upside action if there were much more gas in the tank. Maybe it comes in after Wall Street gets back from the Hamptons after Labor Day, but my vacation starts and ends before then. So, for now, it’s a case of “the dog that didn’t bark” (i.e., the failure of something to happen is the signal — I love those!).
- As I shown on the Cubes (NASDAQ: QQQQ) chart above, we did (yesterday) get a breakout above the month-long trading range, and we’re still above it. So technically you could say it’s still ok, and today’s intra-day reversal might only be a retest of the top of that 1-month range. But, due to items #1 and #2, above, I’m outtie.